Central Louisiana News

U.S. Senators Bill Cassidy, Steve Daines, John Thune, and 32 other Republican colleagues have reintroduced the Main Street Tax Certainty Act. This legislation aims to make the 20 percent pass-through business tax deduction permanent. The expiration of these tax cuts would result in a significant tax increase for small businesses.

"The small businesses that drive our communities should have certainty about their taxes," stated Dr. Cassidy. "Passing this law makes sure they do."

Senator Daines emphasized the importance of this legislation, stating, "As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing—especially as Americans are still grappling with the effects of Joe Biden’s inflation. It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I’ll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state."

Senator Thune also highlighted the role of small businesses: "Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country. This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025."

The Main Street Tax Certainty Act has garnered support from organizations such as the National Association of Manufacturers and NFIB.

Joining Senators Cassidy, Daines, and Thune in introducing this bill were U.S. Senators John Barrasso, Shelley Moore Capito, James Lankford, Joni Ernst, Tom Cotton, Tim Scott, Chuck Grassley, Kevin Cramer, Jerry Moran, Marsha Blackburn, Mike Rounds, Pete Ricketts, Katie Britt, Jim Risch, Eric Schmitt, Roger Wicker, Cynthia Lummis Cindy Hyde-Smith Tommy Tuberville Ted Cruz John Hoeven Thom Tillis Roger Marshall Jim Justice Tim Sheehy Deb Fischer Ted Budd Rick Scott Bill Hagerty Todd Young John Kennedy and Jim Banks.

The 20 percent small business deduction was established under President Trump's 2017 tax cuts to create equity between small businesses and large corporations. Without intervention from Congress by the end of 2025 when this deduction expires nine out of ten small businesses will face substantial tax increases.

A recent study by Ernst & Young (EY) underscores the significance of this deduction for economic activity supporting 2.6 million jobs and contributing $325 billion to GDP.