Tuberville Fights to Give Small Businesses a Tax Break

WASHINGTON - U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Steve Daines (R-MT) in introducing the Main Street Certainty Act to make the 2017 Trump-era 20% pass-through business tax deduction permanent. Should these tax cuts expire, small businesses will face an immediate and massive tax hike at the end of the year. This effort comes as discussions are ongoing on the permanency of President Trump's tax cuts.

"Small businesses are the backbone of the American economy," said Sen. Tuberville. "More than 99% of Alabama's businesses classify as a 'small business,' and I believe they should be able to keep their hard-earned money, not have it taken away by the government. The federal government needs to get out of the way of these business-owners and empower their companies to thrive. I hope my colleagues join me in supporting this commonsense legislation so that this outrageous tax hike does not go into effect at the end of the year."

U.S. Senators Tuberville and Daines are joined by U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), Tom Cotton (R-AR), Kevin Cramer (R-ND), Ted Cruz (R-TX), Joni Ernst (R-IA), Deb Fischer (R-NE), Chuck Grassley (R-IA), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Jerry Moran (R-KS), Pete Ricketts (R-NE), Jim Risch (R-IN), Mike Rounds (R-SD), Eric Schmitt (R-MO), Tim Scott (R-SC), Rick Scott (R-FL), Tim Sheehy (R-MT), Thom Tillis (R-NC), Roger Wicker (R-MS), and Todd Young (R-IN) in cosponsoring the legislation.

The National Association of Manufacturers, National Federation of Independent Business, and the Montana Retail Association endorsed the legislation. A letter of support was also signed by 230 Main Street Certainty Act.

Full text of the legislation can be found here.

BACKGROUND:

The 20% small business deduction, section 199A, was created as a part of President Trump's 2017 tax cuts to level the playing field between small businesses and large corporations. Without Congressional action, 9 out of 10 small businesses will be hit with a massive tax hike when this deduction is set to expire at the end of 2025.

Recently, a new study from Ernst and Young (EY) highlighted the economic activity supported by this small and family-owned business tax deduction, including 2.6 million jobs and $325 billion of the GDP.

Sen. Tuberville has championed small business during his entire tenure in Congress. Last week, he reintroduced the Repealing Big Brother Overreach Act, which would overturn the disastrous Corporate Transparency Act (CTA) and protect small businesses.

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans' Affairs, HELP, and Aging Committees.

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