The National Federation of Independent Business (NFIB), a small business advocacy organization, released a new report outlining the benefits the 20% Small Business Tax Deduction will bring to Wisconsin if made permanent. The report also outlines the severe consequences for Wisconsin’s over 481,000 small businesses and the broader U.S. economy that would result from the provision’s expiration, highlighting potential economic slowdown and increased financial strain on local businesses.
If the deduction is not made permanent, according to NFIB’s report, the C-Corp tax rate in Wisconsin would remain at 28.9%, while the small business rate would surge to 47.25%.
Conversely, the report says, Wisconsin is projected to gain 25,000 new jobs annually over the next 10 years if the deduction remains in place, including an annual GDP increase of $1.27 billion for the first decade and $2.61 billion per year beyond 2035.
View the full report here.
