WASHINGTON, DC – Permanently extending the 20 percent deduction for 26 million American small businesses from the 2017 Trump tax cuts will supercharge Main Street’s job creation engine – leading to an estimated 1 million new jobs every year over the next decade and an additional 2 million jobs in the years that follow, according to a study conducted on behalf of the National Federation of Independent Business.| Ways and Means
Chairman Smith: “If we want to continue President Trump’s legacy of a strong economy, Congress must act swiftly to make the tax cuts permanent.”| Ways and Means
26 million businesses could see their federal tax rate climb to 43.4 percent.| Ways and Means
WASHINGTON, D.C. – Small businesses drive America’s economy, generating jobs and economic growth in communities big and small all across the country. The 2017 Trump tax cuts invested in this engine of economic growth by providing a 20 percent small business tax deduction – otherwise known as Section 199A – which helped ensure shops lining Main Streets across the nation could compete with larger companies and empowered job creators by giving them the resources to invest in their busin...| Ways and Means