Washington, D.C. – A recent survey shows that despite their rising optimism, Main Street businesses are still worried about higher taxes if the 2017 Trump tax cuts expire. This is exactly why Congress must pass The One Big Beautiful Bill to extend them. The May Small Business Optimism Index released by the National Federation of Independent Business (NFIB) shows an increase in optimism among small businesses – above the 51-year average – but rising uncertainty stems from their “single most important” problem: taxes.
Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement in response to the latest NFIB survey:
“Main Street businesses are optimistic about President Trump’s economy, but the looming expiration of the 2017 Trump Tax Cuts is their biggest concern. The last time America’s job creators were this concerned about taxes was when President Biden had pledged to repeal the Trump tax cuts on his way into the White House – but he failed. This concern is consistent with what small business owners, ranchers, and farmers told us throughout our field hearings across the country.
“That’s why Congress must act. The House passed The One, Big, Beautiful Bill with massive tax relief for the working class and Main Street – rewarding work and allowing businesses to expand across the country. In particular, The One, Big, Beautiful Bill boosts and makes permanent the 199A small business deduction, which would create over 1 million new Main Street small business jobs annually and generate $750 billion in economic growth at American small businesses. That’s not to mention the incentives for Made-in-America manufacturing and innovation that would supercharge our economy.
“We can deliver on the President’s promises to strengthen America and provide relief to Main Street – Congress just needs to take action swiftly.”
From the NFIB Small Business Optimism Index:
“The NFIB Small Business Optimism Index increased by three points in May to 98.8, slightly above the 51-year average of 98. Expected business conditions and sales expectations contributed the most to the rise in the index. The Uncertainty Index rose two points from April to 94. Eighteen percent of small business owners reported taxes as their single most important problem, up two points from April and ranking as the top problem. The last time taxes were ranked as the top single most important problem was in December 2020.”
Read: The One, Big, Beautiful Bill: Made in America Becomes the Norm, Not a Novelty
The One Big Beautiful Bill Makes Rural America and Main Street Strong Again:
- Expands and makes permanent the 199A small business deduction to 23 percent – creating over 1 million new Main Street small business jobs annually and generating $750 billion in economic growth at American small businesses.
- Renews 100 percent immediate expensing, incentive for research & development in the U.S., and deduction for interest expenses, and supports the expansion of new production factories and growing operations in America by allowing 100 percent expensing for new factories, improvements to existing factories, and other production facilities.
- Stops the Democrats’ attack on the gig economy by repealing their 1099-K gig worker rule that would have required Venmo, PayPal, and gig transactions over $600 be reported to the IRS.
- Reduces paperwork burden for small businesses and workers by increasing the 1099-MISC threshold to $2,000.
- Makes permanent and increases the doubled Death Tax Exemption for 2 million family-owned farms.
- Renews Opportunity Zone program to spur over $100 billion in new investment over the coming decadewith enhancements to target rural distressed communities.
- According to the Council of Economic Advisers, the bill would result in real economic growth up to 5.2 percent over the next four years and up to 7.4 million full-time American jobs saved or created in the next four years.
- $284 billion of new economic growth from American manufacturers.
- Secures 6 million jobs for American workers.