Senator Britt and her colleagues introduce a bill to expand tax breaks for small businesses
U.S. Sen. Katie Britt, R-Ala., joined U.S. Sen. Steve Daines, R-Mont., and a group of 12 Republican colleagues to introduce the Main Street Tax Surety Act, making small business withholding tax permanent .
This deduction, originally enacted under the Tax Cuts and Jobs Act in 2017, allows pass-through companies small enough not to be eligible for corporation tax to deduct up to 20 per cent of eligible income. Pass-through companies make up 98 percent of all American businesses and employ almost half of the nation’s workforce. The current deduction is scheduled to expire in 2025, which would effectively amount to a significant tax increase for the country’s small businesses.
“Small businesses are still desperately trying to survive amid persistently high inflation and the Biden administration’s insistence on forcing its reckless tax and spending agenda on hard-working Americans,” Senator Katie Britt said. “The last thing small businesses can afford right now is a massive tax hike. To ensure every resident of Alabam has the opportunity to live the American Dream, we must ease the burden on small businesses, from new entrepreneurs to well-established, family-run businesses on the high streets of our great state and country. I will continue to fight tirelessly for small businesses in Alabama and the families that support them.”
In addition to Senators Britt and Daines, this legislation will be passed by Republican Senate Conference Chairman John Barrasso, R-Wyo., and U.S. Senators Marsha Blackburn, R-Tenn., Jim Risch, R-Idaho, Bill Cassidy, R-, jointly sponsored. La., Roger Marshall, R-Kans., Mike Braun, R-Ind., Bill Hagerty, R-Tenn., Chuck Grassley, R-Iowa, Tim Scott, RS.C., Ted Cruz, R-Texas, Roger Wicker, R-Miss., and Kevin Cramer, RN.D.
This legislation is supported by more than 130 advocacy groups, including the National Association of Manufacturers, the National Federation of Independent Business (NFIB), the American Farm Bureau Federation and the Independent Community Bankers Association of America.