A fresh poll by the National Federation of Independent Business (NFIB) indicates strong bipartisan backing for America’s small businesses. The survey shows robust support for retaining the 20% Small Business Tax Deduction, which is crucial for small enterprises.
Tray Abney, NFIB’s state director for Nevada, emphasized, “The importance of preventing the Small Business Deduction from expiring at the end of the year cannot be emphasized enough. Small businesses account for 99.3% of all businesses in Nevada and employ more than a half-million people. Small business owners have used the deduction to create new jobs, create new benefits, buy new machinery, expand their business. It’s vital for the health of the nation’s economy that it be made a permanent part of the tax code.”
The poll highlights that over 80% of Americans believe federal support for small businesses is essential. Both Democrats and Republicans largely agree on the need to maintain the tax deduction, with 93% considering its permanence a priority for Congress. Alarmingly, 95% express concern over what might happen if the deduction is allowed to expire.
Survey findings reveal 83% of respondents see federal support as crucial, with strong affirmation across political lines: 83% of Republicans, 86% of Democrats, and 79% of Independents. A majority of voters, 79%, also wish for increased support for small businesses.
Specifics from the poll suggest that the tax deduction aids smaller business entities by aligning their tax rates closer to larger corporations. The figures show 77% support this viewpoint, while 62% prefer keeping the deduction in the tax code. There’s also a wide consensus, with 91% agreeing that small businesses depend on the deduction, and 79% perceiving its positive impact on the broader economy.
The 20% Small Business Deduction emerged from the 2017 Tax Cuts and Jobs Act (TCJA) to provide an advantage for small businesses against larger corporate entities. With its expiration looming at the end of 2025, there’s urgency for congressional intervention to avoid a notable increase in taxes that could stifle small business growth and employee wage hikes.
The NFIB, advocating for small business interests across the United States for more than 80 years, continues to push for strategic, supportive legislative decisions. More updates from NFIB and related developments in Nevada are available on their platforms.
