Small business owners are expressing significant concern over taxes, but relief may soon be on the horizon.
According to recent polling, a substantial majority of small business owners support the historic tax relief proposed in President Donald J. Trump’s One Big Beautiful Bill:
- A striking four-to-one ratio of small business owners are in favor of extending the Trump Tax Cuts through the passage of the One Big Beautiful Bill.
- 71% of small businesses advocate for the preservation and enhancement of the small business tax deduction, a provision included in the bill.
- 70% of small business owners are inclined to expand or reinvest in their operations, increase wages or benefits, hire additional staff, or enhance their charitable contributions if the Trump Tax Cuts are prolonged.
- Conversely, 64% of small businesses indicate they might postpone expansion, seek loans, cut down on inventory, reduce staff, or lower wages and hours if the Trump Tax Cuts are allowed to lapse.
- Furthermore, 63% of small businesses assert that eliminating taxes on tips and overtime would facilitate the hiring of more workers.
Las Vegas Review-Journal: The One Big Beautiful Bill is set to support small businesses significantly
- “This bill contains numerous provisions that would benefit America’s small businesses. Notably, the update to Section 199A, which pertains to the qualified business income deduction, is essential for small businesses, enabling owners to deduct their qualified business income. For many, this deduction has been a lifeline amid challenging market conditions.”
Inc.: Trump’s ‘Big Beautiful Bill’ is a substantial tax win for small businesses
- “Among its many features, the bill proposes an increased tax deduction for qualified business income at pass-through entities, a higher deduction for state and local taxes, and the extension of various corporate and individual tax cuts that were enacted during President Trump’s first term, which are otherwise set to expire by year-end. The total tax cut encompassed in this legislation is estimated to reach approximately $4 trillion.”
National Federation of Independent Business: The One Big Beautiful Bill Act represents a significant win for small businesses
- “The National Federation of Independent Business (NFIB) endorses the One Big Beautiful Bill Act as one of the most pro-small business legislative measures in recent history. This bill averts a substantial tax increase for over 33 million small business owners while simultaneously providing tax cuts for the majority of them.”
