Inflation is putting pressure on local businesses, driving up costs and forcing them to raise prices, resulting in families cutting back on spending. Without the support of consumers, local businesses will struggle to survive. The Tax Cuts and Jobs Act passed by Congress included a 20 percent small business deduction to help these businesses succeed, but it is set to expire in 2025, causing tax bills to increase drastically.
Alabama’s small businesses are urging Congress to pass the Main Street Tax Certainty Act to make the small business deduction permanent. This bipartisan legislation has the support of both Democrats and Republicans and aims to provide stability and predictability for small business owners to grow their businesses and create jobs.
The NFIB Small Business Optimism Index shows that owners are facing challenges due to inflation, with the expiration of the small business deduction only adding to their financial pressure. By passing the Main Street Tax Certainty Act, Congress can help local businesses compete with big corporations, ultimately strengthening Alabama’s economy.
Most of Alabama’s congressional delegation already supports the bill, including Katie Britt, Tommy Tuberville, Jerry Carl, Barry Moore, Gary Palmer, Mike Rogers, and Dale Strong. The Main Street Tax Certainty Act would bring relief to Alabama’s job creators, enabling them to expand their businesses, hire more workers, and support their local communities. As small businesses are essential to Alabama’s economy, supporting them will benefit everyone.
Source
Photo credit aldailynews.com