Buckeye Reporter

The Canton Repository recently featured an op-ed by Tim Maloney, the owner of Canton Chair Rental and a member of the National Federation of Independent Business (NFIB) in Stark County. In his piece, Maloney calls on Congress to make the Small Business Deduction permanent. This deduction currently allows small businesses to deduct up to 20% of qualified business income but is set to expire in 2025.

Maloney expresses concern about the potential expiration, stating: "Congress and the White House may let one of the most important small business tax cuts in American history expire, hitting us with an enormous tax hike." He emphasizes his experience as a long-time business owner: "As someone who’s been on Main Street for more than 50 years, I’m sounding the alarm."

He highlights that while corporate taxes were permanently reduced under the 2017 tax law, the Small Business Deduction was only temporary. According to Maloney, this deduction has helped level the playing field between small businesses and larger corporations. He reflects on its impact: "When I look back at the past half-century, I can easily say that the 2017 tax cuts were a game-changer."

Maloney urges action from lawmakers before the deduction expires in 2025: "Ohio small businesses will face a massive tax increase if Congress fails to act – tell your lawmaker to pass the Main Street Tax Certainty Act NOW before the Small Business Deduction expires in 2025!"

For those interested in reading his full op-ed, it is available online.