The South Florida Sun-Sentinel published an op-ed by Zack Magin, owner of Tropic Machine Products and NFIB member in Fort Lauderdale, who wrote about the importance of the Small Business Deduction to his company and what is at stake if Congress does not make it permanent.
Read excerpts below:
For my small business, the stakes couldn’t be higher in this election. As the owner and operator of a small family business in Fort Lauderdale, I face a devastating tax increase, depending on who wins. If pro-tax increase politicians are elected, my team will suffer and my ability to compete with large companies will suffer. That’s the last thing we – and Florida – need.
This crisis has been looming since 2017. That year, Congress passed the Tax Cuts and Jobs Act, which included the Small Business Deduction. Since then, job creators like me have been able to save 20% on our federal taxes. Why is this important? Because until the Small Business Deduction was introduced, tax cuts almost always benefited large corporations and left businesses like mine in the lurch.
The Small Business Deduction has finally changed that and given us the relief we need to grow and do more. In fact, in the 34 years we’ve been open, this is the first time Main Street has received major relief, not just Wall Street.
Read his full column here: https://www.sun-sentinel.com/2024/08/28/coming-tax-hike-could-cripple-small-businesses-like-mine-opinion/
