A recent poll from the National Federation of Independent Business (NFIB), a prominent advocacy group for small businesses in Wyoming, reveals strong bipartisan support for the 20% Small Business Tax Deduction. The deduction is part of the 2017 Tax Cuts and Jobs Act, and there is significant concern over its impending expiration in 2025.
The survey indicates more than 8 in 10 Americans find it important for the federal government to support small businesses. This support spans across political affiliations, with 93% believing that making the 20% deduction permanent should be a top Congressional priority and 95% worried about the consequences of an expiration. Brad Close, NFIB President, highlighted the critical nature of this deduction, stating, “Americans recognize the immense value of the 20% Small Business Tax Deduction and are concerned about the devastating consequences should Congress fail to act.”
In Wyoming, Michael Smith, NFIB’s Wyoming State Director, emphasized the deduction’s necessity for local economic success. “Wyoming’s small businesses are essential to our state’s economic success,” Smith said. He urged Congress to ensure the deduction’s permanence for the sustained growth of businesses.
The poll results show high levels of support for maintaining the deduction. Overall, 62% of respondents support keeping the deduction, which they believe helps small businesses remain competitive against larger corporations.
The survey also found that 91% of Americans agree that small businesses depend on the deduction, with 79% acknowledging its positive impact on the overall economy. Concerns over the potential negative effects of the deduction’s expiration are significant, with 51% of Americans extremely or very concerned about the economic implications.
The 20% deduction was instituted to help small businesses by aligning their tax rates more closely with those of bigger corporations. Without action from Congress, nearly 90% of small businesses face the prospect of significant tax increases after 2025, potentially impairing their growth and hiring capabilities.
The survey, undertaken by Seven Letter Insight, involved 2,000 American voters and included an oversampling of 500 small business owners. It was conducted from March 21 to March 25, with a margin of error of +/- 2.0%.
