Cruz, GOP Senators Introduce Permanent Small Business Tax Cut

Senator Ted Cruz (R-TX) joined 34 Republican senators, including Senate Majority Leader John Thune (R-SD) to introduce the “Main Street Tax Certainty Act” a bill that intends to make the 20 percent pass-through business tax deduction permanent. The legislation would amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income.

Should these tax cuts expire, small businesses will face an immediate and massive tax hike, the GOP senators believe.

Sen. Cruz shared that the inflation Americans faced during President Joe Biden's (D) administration was "catastrophic" to small businesses. Cruz believes this bill will avoid another catastrophe for working Americans.

“Small businesses are the backbone of our economy, providing jobs and opportunities for millions of families across Texas and America. With Biden’s catastrophic inflation continuing to burden hardworking Americans, the last thing they need is a massive tax hike," said Sen. Cruz.

The Texas senator continued, "Making the 20-percent pass-through deduction permanent is essential to ensuring our small businesses can prosper, expand, and keep our nation strong. I’m proud to support the 'Main Street Tax Certainty Act' and will continue fighting to protect small businesses.”

Sen. Scott, who helped introduce the bill, shared that this effort will "turn the economy around" and support President Donald Trump's (R) agenda.

“During my time as Governor of Florida, I worked to cut taxes over 100 times to help businesses and families thrive, keep more of their hard-earned dollars and turn our entire economy around. President Trump is doing the same on the federal level, and he’s already making great progress on getting our economy back on track and reversing four years of Biden’s reckless policies," said Sen. Scott.

The former Florida governor added, "I’m proud to work with my colleagues to deliver on President Trump’s agenda with the Main Street Tax Certainty Act that continues a tax cut for our small businesses, which are the backbone of our economy.”

Moreover, Senate Majority Leader Thune stated that small businesses are the "economic engine" of the United States that must be protected before the Trump tax cuts potentially expire.

“Small businesses are the economic engine that drive growth and jobs in South Dakota and across our country," said Sen. Thune. "This legislation is critical to permanently extending a key provision from the Tax Cuts and Jobs Act and ensuring our small businesses and farms and ranches are not hit with a crippling tax hike at the end of 2025.”

Finally, Sen. Steve Daines (R-MT), the bill's author, said that this legislation is "absolutely crucial" to shield small businesses from a major tax hike.

“As the son of a contractor, I’ve seen firsthand the hard work it takes to keep a small business flourishing- especially as Americans are still grappling with the effects of Joe Biden’s inflation," said Sen. Daines. "It’s absolutely crucial that we pass this legislation to prevent a 20 percent tax increase for hardworking Montanans and I’ll keep fighting for ways to support Montana small businesses, which provide the majority of jobs in our state.”