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Urgent Call to Make Small Business Tax Deduction Permanent

4/26/2025

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Summary

Story summary

Congress is urged to make the 20% Small Business Tax Deduction permanent in Michigan.
Without this permanence, 945,000 small businesses may see tax rates rise from 27% to 43.85%.
The deduction could generate 37,000 jobs each year and increase Michigan's GDP by $1.92 billion over ten years.
Small businesses worry that tax hikes will impede growth and threaten economic stability across the country.

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Story summary

Congress is urged to make the 20% Small Business Tax Deduction permanent in Michigan.
Without this permanence, 945,000 small businesses may see tax rates rise from 27% to 43.85%.
The deduction could generate 37,000 jobs each year and increase Michigan's GDP by $1.92 billion over ten years.
Small businesses worry that tax hikes will impede growth and threaten economic stability across the country.