Working for small business
BY NAOMI JAGODA – 03/10/20 06:00 AM EDT
The NFIB, National Federation of Independent Business, is focused on promoting the interests of small businesses in the U.S. The article discusses the efforts of the NFIB to improve the tax code’s treatment of pass-through business entities.
The group’s influence helped in the passage and signing of the Tax Cuts and Jobs Act provisions for pass-through business tax relief, notably the 20% QBI, Qualified Business Income deduction. The problem is that these provisions are set to expire in 2025. It was the only way that the rules would allow the Senate to pass the bill with a simple majority.
Brad Close, President of the NFIB, says: “Making that small business deduction, the individual rate cuts, some of the other parts that impact small businesses, getting those made permanent parts of the law would be a just huge, huge win for small businesses.”
While President Trump has said that there will be a priority to make those cuts permanent in his second term, the NFIB indicates that the more likely impetus would be Congress’s penchant to act at the last minute. The expectation is that if they’re made permanent, it would be close to the 2025 expiration.
The article also discusses the NFIB’s involvement in trying to get the Obamacare individual mandate repealed. The Supreme Court has announced that it will hear another challenge to the mandate soon.
The article mentions other initiatives that the NFIB has prioritized, and every small business owner should be interested in supporting their efforts.