Small business owner Michael Irvin tells Congress to make the small business deduction permanent
Washington DC (April 18, 2024) – today, washington times We published an editorial by Michael Irvin, a small business owner and NFIB member and owner of Coal River Coffee Company in West Virginia. Ervin discusses the benefits of the 20% small business deduction and how its expiration will affect small businesses.
Irvin writes:
“My small business is living proof that tax credits work wonders and are key to economic revitalization. When Congress passed this bill in December 2017, my wife and I felt confident. We were roasting coffee in our garage for a few years, but in 2018 we took the plunge and opened our own cafe in St. Albans. I wanted to participate in the comeback in my beloved hometown where people live.
“With the deduction, we can compete with big chains like Starbucks and Tim Hortons. They pay a corporate tax rate of only 21%. But without the deduction, small businesses like ours pay about 45%. of taxes, more than double the taxes paid by its larger competitors. How can we keep up when big companies have such a huge advantage? There's a Tim Hortons just down the street. It will be much easier to get raises and hire workers. But it will be even more difficult. Small businesses are the engine of the economy. We should rev up instead of idling, much less going backwards.
“We don't want special treatment. We just don't want to be disadvantaged. In other words, we want basic fairness. And we want it now. Lawmakers may think the 2025 expiration date is a long way off, but for small businesses, it's basically tomorrow. , you have to make long-term plans and decisions, but every day there is uncertainty and you are more likely to make unfortunate choices.”
On April 11, Mr. Irvin testified before the U.S. House Ways and Means Committee hearing entitled “Expanding the Success of the 2017 Tax Cuts in Supporting Hard-Working Americans,” which included a 20% small business deduction for Main Street businesses. demonstrated the benefits of Like himself.
The NFIB recently released its “Top 10 Policy Priorities for 2024,” which includes making the small business deduction permanent as a top priority.of Main Street Tax Security ActEnsuring the permanence of this important tax credit for small businesses, the U.S. Senate was represented by Sen. Steve Daines (R-Mont.) and the U.S. House of Representatives was represented by Representatives Lloyd Smucker (R-Pennsylvania) and Henry. Introduced by Representative Cuellar (D). Texas).
Read the full editorial here: https://www.washingtontimes.com/news/2024/apr/17/main-street-needs-congress-to-make-small-business-/