Pulaski Times

U.S. Senator John Boozman has announced his support for the Main Street Tax Certainty Act, a legislative proposal aiming to make permanent the 20 percent pass-through business tax deduction. This initiative, spearheaded by Senators Steve Daines and Majority Leader John Thune, seeks to prevent what they describe as an "immediate and insurmountable tax hike" for small businesses.

Senator Boozman expressed his commitment to supporting small businesses, stating, “From main street storefronts to manufacturers, agriculture producers and more – small business is the backbone of our economy.” He emphasized the importance of policies that foster growth and investment in local communities.

Senator Daines highlighted his personal connection to small businesses through his family background. “As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing,” he said. Daines stressed the urgency of passing this legislation due to ongoing economic challenges faced by Americans.

Majority Leader Thune underscored the role of small businesses in driving economic growth across South Dakota and beyond. He described the legislation as crucial for preventing a significant tax increase at the end of 2025, which could impact farms and ranches nationwide.

The bill has garnered support from several senators including 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 M.D., Jim Justice Tim Sheehy Deb Fischer Bill Cassidy M.D., Ted Budd Rick Scott Bill Hagerty Todd Young John Kennedy and Jim Banks.

The Main Street Tax Certainty Act has also received endorsements from various organizations. Chris Netram from the National Association of Manufacturers stated that preserving this deduction is essential for protecting American manufacturers within the supply chain. Brad Close from the National Federation of Independent Businesses warned that without congressional action over 30 million small businesses might face substantial tax increases soon.

Over 230 trade associations have signed a letter expressing their support for this act.