Earlier today, the Main Street Employers coalition participated in the Main Street Tax Day Summit hosted by the S-CORP Association and NFIB. Attendees heard Sen. Steve Daines (R-MT), small business owners from across the country, and tax policy experts discuss the threat that the ongoing tax debate poses to America’s Main Street businesses.
Sen. Daines kicked things off by commenting on the current legislative outlook, and emphasized the importance of preserving key provisions from the 2017 tax bill, notably the Section 199A deduction, the risk of proposed business tax increases so close on the heels of the pandemic, and the importance of the small business community raising its voices now with policymakers.
Attendees then heard from a panel featuring four small business owners from across the country. The panelists reflected on how the changes in the 2017 tax law have impacted their business operations, often enabling them to make investments in their employees and company that they otherwise would not have. They also warned of the negative consequences of raising rates and eliminating the 199A pass-through deduction. Raising their taxes now “could be the final nail in the coffin for businesses hanging on by a thread”, make it harder for them to raise wages and compete.
The second panel was hosted by Executive Director of the Main Street Employers coalition Chris Smith. Panelist George Callas, a Managing Director at Steptoe, outlined the various policy risks facing Main Street business owners as a result of recent proposals. Closing out the event was David Winston, who provided his analysis of recent trends in voter data, including public perception on tax fairness and reticence to pay higher taxes.
If you weren’t able to join us live, click here for a recording of the Main Street Tax Day Summit