The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, sponsored an event with The Hill along with other small business leaders, tax experts, and policymakers, to delve into the impact of the Small Business Deduction and the potential consequences of its expiration.
Small business owners, including Nebraska Small Business Owner Candice Price, co-owner of Home Team Auto Sales in Omaha, shared how the expiration of the 20% Small Business Deduction would impact Main Street, their employees and communities, and the broader U.S. economy.
Price, co-owner of Home Team Auto Sales, commented:
It’s very tough to be able to grow and maintain if you don’t know what’s coming. And a lot of small business owners are not aware that this deduction is going to go away. And then what do they do as they’re planning? One thing that we speak about here a lot is the direct impact of having this deduction. What we’re able to do. We can employ, we can buy equipment, we can grow, we can do the training that we need to do. But what we don’t always talk about is the indirect impact. So, my business for instance, we sell cars. We do a lot of business-to-business transactions. So now, if your business no longer has this deduction but you were planning to buy a new truck for your plumbing company or you were planning to buy another vehicle for one of your administrative assistants, now you can’t do that. That impacted my business. So not only now am I not receiving the deduction, but I now have to increase my prices, and I now will have less sales as well.”
Watch Candice Price’s full remarks and the entire event here: https://www.youtube.com/live/N38NSfQzddA?si=eLz3lr-3_MZTOys_