WASHINGTON, D.C. - Tom Sullivan, vice president of small business policy, U.S. Chamber of Commerce issued the following statement today urging cosponsorship of H.R. 216 / S. 1149, the “Main Street Tax Certainty Act":
“The Main Street Tax Certainty Act prevents the 20% small business tax deduction from expiring after 2024. This bi-partisan approach provides long-term certainty for small businesses and coincides with the need for Congress to immediately provide COVID-19 liability protection and additional financial aid for employers whose survival is on the line. According to Tax Foundation estimates, the extension of lower small business rates will increase long-run GDP by 2.2 percent, long-run wages by 0.9 percent, and will add 1.5 million jobs.”
A letter was sent to Members of the United States Congress.