The National Federation of Independent Business (NFIB) has released a new report outlining the benefits of making the 20% Small Business Tax Deduction permanent in Arizona. The report emphasizes that over 678,000 small businesses in the state could face higher taxes if Congress fails to act. Without the deduction, small businesses would be at a disadvantage compared to larger corporations, with the small business tax rate potentially surging to 42.1%.
However, making the deduction permanent would lead to significant economic benefits for Arizona, including the creation of 26,000 new jobs annually over the next decade and an annual GDP increase of $1.41 billion. NFIB Arizona State Director Chad Heinrich warns that losing the deduction would have devastating consequences for the state’s small businesses and hinder economic growth.
The 20% Small Business Tax Deduction, a provision of the Tax Cuts and Jobs Act of 2017, has been vital in helping small business owners expand and create jobs. NFIB urges Congress to take action to make the deduction permanent to support small businesses and ensure economic stability nationwide. For more information, visit nfib.com.
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