DES MOINES, IOWA (August 16, 2024) — National Federation of Independent Business (NFIB) small-business member Lana Pol testified at The Success of Pro-Growth, Pro-Worker Tax Policy in the American Midwest field hearing held by the House Ways and Means Committee’s at the Iowa State Fairgrounds. The small-business deduction was an important part of the Tax Cuts and Jobs Act of 2017 and is set to expire next year. Lana spoke on behalf of Iowa small-business owners to share how beneficial the small-business deduction is for Main Street and why it should be made permanent.
“I’d like to thank the House Ways and Means Committee for allowing me the opportunity to testify on behalf of Iowa small businesses,” said NFIB Small Business Member Lana Pol. “Small businesses are the foundation of our economy. Congress created the Small Business Deduction so that small businesses like mine could be on an equal playing field with large corporations. Unless Congress acts now, small businesses will see a significant tax hike at a time when they can least afford it. I urge Congress to preserve our businesses, communities, and economy by supporting the Main Street Tax Certainty Act.”
The 20% Small Business Deduction (Section 199A) allows small businesses organized as pass-throughs (S corporations, LLCs, sole proprietorships, or partnerships) the ability to deduct up to 20% of qualified business income and is scheduled to expire in 2025. Ninety percent of American small businesses are structured as pass-through entities. The Main Street Tax Certainty Act would make the 20% Small Business Deduction permanent and is a top legislative priority for small businesses.
For eighty years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington DC and in all fifty state capitals. NFIB is non-profit, non-partisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit NFIB.
