{"database": "press", "table": "releases", "rows": [["https://www.daines.senate.gov/2024/09/25/daines-calls-for-permanent-tax-break-for-small-businesses/", "Daines Calls for Permanent Tax Break for Small Businesses", "2024-09-25", "2024", "2024-09", "Republican", "Senate", "MT", "Steve Daines", "D000618", "www.daines.senate.gov", "daines", "https://www.daines.senate.gov/news/press-releases/", "scraper", "U.S. Senator Steve Daines today was joined by The National Federation of Independent Businesses (NFIB) President Brad Close for a press conference on the importance of stopping the massive tax hike on small businesses. They, along with small business owners called for passage of Daines\u2019 \u201cMain Street Tax Certainty Act,\u201d which makes the 20 percent tax deduction for small businesses permanent.\n\nDownload Daines\u2019 remarks HERE.\n\n\u201cWell, thanks for coming out today. I\u2019m just honored and thrilled to be standing here with so many small business owners from across America.\n\n\u201cI grew up as the son of a contractor. Mom and dad had a small home-building business in Montana. In fact, they\u2019ve been NFIB members for many, many years. So, I saw what it takes to grow a business, to hire, to meet payroll each week, and I have a great appreciation for these business leaders behind me, which in many, many ways, is the fundamental engine that drives this economy in America.\n\n\u201cI am a champion for the \u2018Main Street Tax Certainty Act.\u2019 This is something we must pass, because if we do not do this next year, many of the businesses, the small businesses across America, will face about a 30 percent increase in their taxes.\n\n\u201cNow, high tax rates are a barrier for businesses to expand, to hire more employees and to grow their businesses. We need to make this provision in the tax code permanent.\n\n\u201cOne of the problems in Washington, D.C., is introducing uncertainty based on expiring tax provisions, and that creates a lot of problems for businesses across America. They don\u2019t know what D.C. is going to do.\n\n\u201cThis is why it\u2019s important that we make these tax provisions permanent so these small business owners behind me aren\u2019t having to worry more about what\u2019s going on in D.C. They have enough to worry about as it is. Let\u2019s not add Congress to their worry list.\n\n\u201cRemember that if we don\u2019t make these provisions permanent, if we allow these important provisions to expire in 2025, according to Richard Rubin, who writes tax policy for the Wall Street Journal, it\u2019s a $4 trillion increase in taxes.\n\n\u201cAnd by the way, Rubin also pointed out in his column that if the Democrats get control of the Senate and the House and the Presidency, there\u2019s another $2 trillion on top of these $4 trillion so the total bar tab here would be $6 trillion of tax increases facing the American people if the Democrats control Congress after the 2024 election.\n\n\u201cWhat\u2019s important to remember, in my home state of Montana, my hometown of Bozeman, if you look at the state of Montana, 74 percent of the jobs, the employment in my state, are from small businesses. They call them these passive entities. If you look nationally, it\u2019s 62 percent of the jobs, the private sector jobs in America, are supported by these small businesses.\n\n\u201cSo really, the engine driving this economy, the engine driving employment, is small businesses, and it\u2019s exactly what we\u2019re talking about here today.\n\n\u201cSo, if these provisions expire, you\u2019re going to see a big tax increase, you\u2019re going to see a reduction in economic growth, and in many cases, you\u2019re going to see businesses have to face a very difficult challenge, maybe to let employees go, because they\u2019ve got to pay the tax bill to the IRS.\n\n\u201cSo, we cannot wait. We need to make these tax provisions permanent. And I\u2019m grateful to stand with these business owners in this fight on Capitol Hill.\u201d\n\nBackground:\n\nThe 20 percent small business deduction, section 199A, was created as a part of the 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.", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.daines.senate.gov/2024/09/25/daines-calls-for-permanent-tax-break-for-small-businesses/"], "units": {}, "query_ms": 1.692567951977253, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}