Small Business Owners Advocate in D.C. for Key Tax and Reporting Changes

Small business owners from across the country gathered in Washington, D.C., for the National Federation of Independent Business (NFIB) annual Fly-In event on Capitol Hill. This event brings together small business advocates to discuss critical issues directly with lawmakers. The focus is on making the 20% Small Business Deduction permanent and repealing the burdensome Beneficial Ownership reporting requirements.

NFIB President Brad Close emphasized the challenges facing the small business economy and the impact of current policies from Washington. He noted, “The small business economy continues to face significant challenges and the policies coming out of Washington aren’t making it any better.” The Fly-In offers small business owners a unique opportunity to speak directly with lawmakers about the importance of the Small Business Deduction and other pressing issues.

One of the main advocacy points for the NFIB this year is the passage of the Main Street Tax Certainty Act. This legislation aims to prevent a significant tax increase on small businesses by making the Small Business Deduction permanent before it expires in 2025. Small business owners argue that this deduction is crucial for their financial stability and growth, and its permanence would provide long-term tax relief and predictability.

Another key issue on the agenda is the Repealing Big Brother Overreach Act. This proposed legislation seeks to repeal the Corporate Transparency Act and its associated beneficial ownership reporting requirements. Many small business owners view these requirements as overly burdensome and invasive, arguing that they add unnecessary complexity and costs to their operations.

During the Fly-In, NFIB members attended various advocacy programs designed to prepare them for their meetings with lawmakers. These programs provide essential information on how to effectively communicate their concerns and the specific impacts of current and proposed legislation on their businesses. By sharing their personal stories and experiences, small business owners aim to highlight the real-world consequences of legislative decisions and advocate for policies that support their growth and success.

Brad Close also penned an op-ed in the Washington Times, outlining the top issues small business owners will discuss with Congress. This piece serves to further raise awareness and support for the NFIB’s key advocacy points, emphasizing the need for policies that foster a favorable environment for small businesses.

The NFIB’s annual Fly-In is a significant event for small business advocacy, providing a platform for business owners to engage directly with policymakers. By voicing their concerns and priorities, these entrepreneurs play a vital role in shaping legislation that affects their operations and the broader small business community.

Small business owners will continue to make their voices heard on Capitol Hill, advocating for the Main Street Tax Certainty Act and the Repealing Big Brother Overreach Act. Their efforts aim to ensure that small businesses can thrive and contribute to the economy without being hindered by unfavorable policies and regulations.

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This article, "Small Business Owners Advocate in D.C. for Key Tax and Reporting Changes" was first published on Small Business Trends