Small business owners could face major tax increases at the end of 2025 and are urging tax deductions for the newly elected chambers and administration.

As part of the 2017 Tax Cuts and Jobs Act (TCJA), small business owners were allowed to deduct up to 20 percent of their income to help cover their costs. The deduction is set to expire at the end of 2025, sparking conversations among many constituents and lawmakers about whether to terminate, extend or permanently establish it.

Lawmakers and business owners chimed in on the issue at the Nov. 19 event “The 20% Small Business Tax Deduction: Why It Matters & What’s Next?” hosted by The Hill and the National Federation of Independent Businesses.

Rep. Lloyd Smucker (R-Penn.) serves on the Ways and Means Committee........

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