WASHINGTON—U.S. Senator John Boozman (R-AR) has cosponsored the Main Street Tax Certainty Act , legislation introduced by Senator Steve Daines (R-SD) and Majority Leader John Thune (R-SD) to make the 20 percent pass-through business tax deduction permanent. The expiration of this tax cut would require small businesses to face an immediate and insurmountable tax hike.
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“From main street storefronts to manufacturers, agriculture producers and more – small business is the backbone of our economy,” said Boozman. “I am proud to support policies that help Natural State small businesses thrive and stimulate growth and investment into our local communities.”
“As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing- especially as Americans are still grappling with the effects of Joe Biden’s inflation. It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I’ll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state,” said Daines.
“Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country. This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025,” said Thune.
The legislation is also cosponsored by Senators John Barrasso (R-WY), Shelley Moore Capito (R-WV), James Lankford (R-OK), Joni Ernst (R-IA), Tom Cotton (R-AR), Tim Scott (R-SC), Chuck Grassley (R-IA), Kevin Cramer (R-ND), Jerry Moran (R-KS), Marsha Blackburn (R-TN), Mike Rounds (R-SD), Pete Ricketts (R-NE), Katie Britt (R-AL), Jim Risch (R-ID), Eric Schmitt (R-MO), Roger Wicker (R-MS), Cynthia Lummis (R-WY), Cindy Hyde-Smith (R-MS), Tommy Tuberville (R-AL), Ted Cruz (R-TX), John Hoeven (R-ND), Thom Tillis (R-NC), Roger Marshall, M.D. (R-KS), Jim Justice (R-WV), Tim Sheehy (R-MT), Deb Fischer (R-NE), Bill Cassidy, M.D. (R-LA), Ted Budd (R-NC), Rick Scott (R-FL), Bill Hagerty (R-TN), Todd Young (R-IN), John Kennedy (R-LA) and Jim Banks (R-IN).
The Main Street Tax Certainty Act is endorsed by multiple small businesses and advocacy groups. Here’s what they are saying about the bill.
“Congress must preserve the pass-through deduction to protect the small and medium manufacturers that are the backbone of the American supply chain. Manufacturers strongly support the Main Street Tax Certainty Act, which will make permanent this crucial provision and ensure that our tax code supports manufacturers in America as they invest in their businesses, create jobs, and drive the economy,” said National Association of Manufacturers Managing Vice President of Policy Chris Netram.
“If Congress fails to act, more than 30 million small businesses will face a massive tax hike at the end of this year. The 20 percent Small Business Deduction allows nine out of 10 Main Street job creators to compete, grow their business, hire new employees, raise wages, and give back to their communities,” said National Federation of Independent Businesses President Brad Close.
Over 230 trade associations also signed a letter in support of the Main Street Tax Certainty Act.
Click here to read the text of the legislation.