The South Florida Sun-Sentinel published an op-ed by Zach Maggin, an NFIB member and owner of Tropic Machine Products in Fort Lauderdale, who wrote about the importance of the small business deduction to his company and what could go wrong if Congress doesn’t make it permanent.
Read the excerpt below:
This election couldn’t mean more to my small business. As the owner and operator of a small manufacturing plant in Fort Lauderdale, I am looking at the possibility of devastating tax increases depending on who wins. If pro-tax politicians are elected, it will hurt my team’s ability to compete with larger companies. The last thing we, and the state of Florida, need is that.
This crisis has been going on since 2017. That year, Congress passed the Tax Cuts and Jobs Act, which included the “small business credit.” Since then, job creators like me have saved 20% on our federal taxes. Why is that important? Because before the small business credit, tax cuts almost always benefited large corporations, leaving businesses like mine in the lurch.
The Small Business Tax Credit has finally changed things and given us the relief we need to grow and do more. In fact, this is the first time in the 34 years that we’ve been in business that we’re getting a major bailout, not just for Wall Street, but for Main Street as well.
Read his full column here: https://www.sun-sentinel.com/2024/08/28/coming-tax-hike-could-cripple-small-businesses-like-mine-opinion/
Take Action: If Congress doesn’t act, Florida’s small businesses will face significant tax increases. Tell your lawmakers to pass the Main Street Tax Final Act now, before the small business credit expires in 2025.
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