Bart Bruns Sales Director | NFIB Montana
Bart Bruns Sales Director | NFIB Montana
Montana's small businesses, which make up over 90% of the state's enterprises, are facing significant challenges. These businesses, employing fewer than 50 people each, have dealt with supply issues and staffing shortages over the past three years. Now, they might confront a potential 20% rise in federal taxes.
The Small Business Deduction (Section 199A), established in 2017, has been crucial for these businesses. It allows them to deduct up to 20% of their qualified business income on tax forms. This deduction has been pivotal for Montana's economic growth by enabling small businesses to invest and expand.
However, this deduction is set to expire soon. In contrast, Wall Street's tax cuts remain permanent. Ronda Wiggers from the National Federation of Independent Business highlighted that without this deduction, small businesses would struggle against larger corporations.
Senator Steve Daines has proposed the "Main Street Tax Certainty Act" to make this deduction permanent. Wiggers emphasized its importance: "The sooner this bill is signed into law, the stronger small businesses will be."
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