The Bismarck Tribune recently featured an op-ed by Dawn Hager and Karen Schmidt, owners of Balancing Goat Coffee Co. in Mandan, North Dakota. As members of the National Federation of Independent Business (NFIB), they are advocating for Congress to make the small business deduction permanent. This deduction was part of the Tax Cuts and Jobs Act of 2017 and is set to expire next year unless extended by Congress.
Hager and Schmidt emphasize the urgency of this issue, stating: “Amid the endless drama in the 2024 election cycle, a real crisis is being ignored. It’s a crisis that confronts small businesses like ours — the cornerstone of North Dakota communities and the engines of the American economy. Washington, D.C. needs to tackle this crisis before the small business economy is permanently crippled.”
They highlight how the Small Business Deduction played a crucial role post-pandemic: “When the pandemic ended, the Small Business Deduction helped us get back on track, fast. Today, we have 30 employees — more than we ever dreamed. We’re investing in new equipment while experimenting with new products. We couldn’t do nearly as much if we had to pay a lot more to the IRS.”
However, they warn about potential negative impacts if Congress allows this tax cut to expire: “But if Congress lets this tax cut expire, we’ll quickly have to scale back. That’ll be devastating — and not just to us. Our workers will suffer since we’ll have fewer jobs and won’t be able to offer as many raises. Our customers will suffer because we’ll have to raise prices, not only because we’re getting hit but also because all our suppliers are getting taxed more.”
The full op-ed can be accessed at The Bismarck Tribune’s website.
