Beaver State News

A recent poll from the National Federation of Independent Business (NFIB) highlights significant support for small businesses across the United States, particularly regarding the 20% Small Business Tax Deduction. This tax provision, which was introduced as part of the 2017 Tax Cuts and Jobs Act (TCJA), is scheduled to expire at the end of 2025.

“The importance of preventing the Small Business Deduction from expiring at the end of the year cannot be stated enough,” said Anthony Smith, state director for NFIB in Oregon. “Small businesses account for 99.4% of all businesses in Oregon and employ more than half its private-sector workforce. It’s vital for the health of the nation’s economy that it be made a permanent part of the tax code. Small business owners have used the deduction to expand their businesses, buy new machinery, create new jobs, and create new benefits.”

The survey indicates that more than eight out of ten Americans consider federal support for small businesses crucial, with strong bipartisan backing. Specifically, 93% of respondents believe that maintaining the tax deduction should be prioritized by Congress, and 95% express concern about the consequence of its expiration.

Survey results reveal that 83% of participants emphasize the importance of federal support for small businesses, with significant agreement across political affiliations. Additionally, 62% of respondents advocate for keeping the Small Business Tax Deduction, highlighting its role in creating a level playing field between small and large businesses.

There is a strong belief in the deduction's positive impact on both the national and local economy. Ninety-one percent agree small businesses depend on the deduction, while 79% see it as beneficial to the economy.

The NFIB warns that without Congressional action, the expiration of this deduction could result in a considerable tax increase for most small businesses, affecting their capacity to grow and invest in their workforce.