United States Senator Deb Fischer’s Weekly Column
In 1959, the Oklahoma Sooners’ football team arrived in Lincoln carried by the momentum of a 74-game conference winning streak.
It had been 17 long years since the Nebraska Cornhuskers had last defeated them. On paper, the Sooners dominated; however, the Huskers came out on top, 25-21. It was an upset for the Husker history books; one so momentous that classes were canceled the following Monday to celebrate.
By now, you might be reading and wondering: How does this story relate to small businesses?
Well, much like the Huskers in ’59, small businesses often face insurmountable odds. They are matched up against national chains or big retailers who have a reputation of winning. And with inflation and overregulation, the economic climate has been hard on mom-and-pop shops.
But just like that Husker football team, small businesses push forward in the face of adversity. They believe they will succeed, and when they do, our economy and communities thrive.
This past week was National Small Business Week, a time to celebrate the many small businesses that make up our communities.
In Nebraska, small businesses are essential to the success of our economy. In fact, they make up 99% of all businesses and provide jobs for almost 49% of the state’s employees.
These statistics highlight why we must make the 2017 Tax Cuts and Jobs Act permanent. When this bill was signed into law by President Trump, many Americans saw bigger paychecks, small businesses were able to invest and expand, and the U.S. regained its competitive edge in the global economy.
These same tax cuts that delivered relief to Americans and spurred our economy will expire at the end of this year if we do not act now.
According to the National Federation of Independent Businesses, if these tax cuts expire, it is estimated that 30 million small businesses will experience a tax increase. In addition, 61% of small business owners reported they would likely raise prices, and 41% said they would have to postpone or cancel capital investments.
We want to make sure small businesses have the certainty and confidence to hire new employees and make new investments. This will not be possible if taxes are increased.
In Congress, I am continuing to support legislation to help our small businesses. One of the bills I have cosponsored is the Main Street Tax Certainty Act, to make the 20 percent pass-through business tax deduction permanent. This is a key provision within the Tax Cuts and Jobs Act, and we are working to make sure our small business owners, farmers, and ranchers aren’t hit with this crippling tax increase.
In addition, I’ve also cosponsored the Repealing Big Brother Overreach Act to overturn the Corporate Transparency Act (CTA). This will protect small business owners from excessive federal reporting requirements, which unfairly target American small business owners.
For many small businesses, the journey to success can feel like the Huskers taking on the Sooners. But our small businesses are resilient. As your U.S. Senator, I will continue to support policies that unleash free markets and allow our small businesses to thrive for generations.
Thank you for participating in the democratic process. I look forward to visiting with you again next week.
