The Minnesota Star Tribune recently featured an op-ed by Pam Mansfield, the proprietor of Pam Mansfield CPA in Kerkhoven, Minnesota. As a member of the National Federation of Independent Business (NFIB), Mansfield calls on Congress to make permanent the 20% small business deduction. This tax benefit was introduced as part of the Tax Cuts and Jobs Act of 2017 and is set to expire this year unless extended by Congress.
In her op-ed, Mansfield expresses concern about the future challenges facing small businesses. She writes: “Will this be the year when running a small business becomes almost impossible?”
Mansfield continues by emphasizing the need for action from President Donald Trump and Congress: “This is the question I keep asking myself. President Donald Trump and Congress can provide the answer. Before the end of the year, small businesses like mine will face one of the biggest tax hikes in American history — unless our leaders stop it. They need to act as soon as possible, for the sake of our employees and our communities.”
She highlights that while large corporations received permanent relief under the 2017 tax-cut law, small businesses were granted temporary relief with a 20% deduction on business income. Mansfield warns that without intervention, “Come Dec. 31, it will disappear entirely.”
The full op-ed can be accessed at The Star Tribune’s website.
