The opinion article calls on lawmakers to make the small business deduction permanent.
The Canton Repository published a comment by Tim MaloneyOwner of Canton Chair Rental and NFIB member in Stark County, calls on Congress to make the Small Business Deduction permanent. The Small Business Deduction allows small businesses to deduct up to 20% of qualified business income and is set to expire in 2025.
Read his full comment here:
https://www.cantonrep.com/story/opinion/columns/guest/2024/08/11/tim-maloney-wants-congress-to-save-tax-cut-for-his-stark-county-business/ 74679906007/
Maloney writes:
Congress and the White House could allow one of the most significant small business tax cuts in American history to expire, leaving us with a huge tax increase.
As someone who has lived on Main Street for more than 50 years, I am sounding the alarm.
Next year, the centerpiece of the 2017 tax cuts will disappear. It is the small business deduction, which allows small businesses and small family-owned businesses to deduct 20% of their net income. In the interests of fairness, this tax cut was necessary.
With the same law, Congress gave Wall Street firms a massive tax cut. Main Street needed relief, too. While large corporations still generally pay lower taxes than small businesses, this tax cut has leveled the playing field more than ever before.
But the 2017 law fell short of that task. It cut corporate taxes permanently but temporarily created the small business tax deduction. When that tax deduction goes away in 2025, it will be harder than ever for us to build for the future, let alone build our communities.
I know how important the small business tax deduction is. My father started our rental company in 1972 when I was in 11th grade. I have worked full-time for the company since 1977, after I graduated from college. Looking back over the past half century, I can safely say that the 2017 tax cuts were groundbreaking and couldn’t have come at a better time.
TAKE ACTION: Small businesses in Ohio will face a massive tax increase if Congress doesn’t act – tell your lawmaker happen the Main Street Tax Certainty Act NOW before the small business deduction expires in 2025!
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