NFIB member Kellie Loudin discussed the significance of the 20% Small Business Deduction on the latest episode of NFIB’s Small Business Rundown podcast. Loudin is a second-generation owner of a heating and air conditioning business. In the podcast, she spoke about the benefits her family business experiences from the deduction and expressed concern about the potential impacts if it is not made permanent.
Loudin explained, “We do oil and gas and heat pumps and air conditioning and hanging wall heaters and floor tube heating and, you know, just about everything in that realm. We don’t go to the industrial level, but we do commercial and then also residential.” She highlighted the challenges posed by tax uncertainty: “So, you know, what happens though is when there’s tax uncertainty, it stifles growth. You’re not going to have growth when you don’t know what’s going to happen to your tax bill. You’re going to need to hold on to that money. You’re going to need to try and plan for that increase. And you know, a 20% increase is huge.”
A recent report suggests that if the Small Business Deduction is made permanent, it could lead to considerable economic benefits, facilitating a level playing field for small business tax rates. In Ohio alone, projections indicate the potential creation of 43,000 new jobs annually over the next decade. Additionally, the state’s GDP could see an increase of $2.16 billion for the first ten years, rising to $4.46 billion per year beyond 2035.
There is a call to action for individuals to contact elected officials to advocate for the permanence of the 20% Small Business Deduction, highlighting its importance for protecting America’s small businesses.
