NFIB member Tim Corbitt, a small business owner, appeared on the latest episode of NFIB’s Small Business Rundown podcast. During the discussion, Corbitt talked about the 20% Small Business Deduction and its impact on his business.
Corbitt shared insights into his company, stating: “We are a large format digital printer. We print for companies actually all over the country, and the company actually has been formed 32 years ago now and continues to evolve based on the needs of our customers. We started really being able to do something nobody else can do.”
He expressed how beneficial the Small Business Deduction has been for his operations and voiced concerns about potential challenges if it is not made permanent.
A recent report suggests that making this deduction permanent could yield substantial economic advantages. It would maintain a competitive tax rate for small businesses. In New Hampshire alone, it is estimated that 6,000 new jobs could be created annually over the next decade if the deduction remains intact. Additionally, there could be an annual GDP increase of $345 million for the first ten years and $712 million per year beyond 2035.
The report also encourages contacting elected officials to advocate for making the deduction permanent in support of small businesses across America.
