Our Victories
NFIB works to affect positive change on behalf of our members. Read about some of the recent victories by our Legal Center, Government Relations, and Political teams.
Policy Victories
Taxes
NFIB created a 20% Small Business Deduction (Section 199A) for all businesses organized as sole proprietorships, S-Corporations, partnerships, and LLCs with taxable incomes up to $170,050 individual/$340,100 joint for tax year 2022. Pass-through businesses with taxable income above the threshold can still benefit from the Small Business Deduction if they are employee-intensive or make capital expenditures. For tax year 2023, taxable income up to $182,100 individual/$364,200 joint is eligible for the deduction.
Fought to remove certain problematic provisions in the Build Back Better Act, such as: limiting the Small Business Deduction (Section 199A); expanding the estate tax’s reach and repealing stepped-up basis; increasing the top capital-gains tax rate to 25%; mandating 12 weeks of paid family and medical leave; mandating employers offer retirement plans; and increasing IRS information reporting of business owners’ account inflows and outflows.
Permanently increased Section 179 small business expensing threshold to $1.16 million from $510,000, and indexed threshold to inflation.
Reduced individual tax rates for many taxpayers using the following rates: 37%, 35%, 32%, 24%, 22%, 12%, and 10%.
Increased individual Alternative Minimum Tax (AMT) thresholds to apply only above $539,900 individual/$1,079,800 joint for tax year 2022. For tax year 2023, the exemption increases to $578,150 individual/$1,156,300.
Reduced and flattened the corporate tax rate to 21% and repealed the corporate Alternative Minimum Tax. NFIB is fighting to restore the 15% tax rate for smaller businesses.
Roughly doubled the standard deduction to $12,950 individual/$25,900 joint for tax year 2022. For tax year 2023, the deduction is increased to $13,850 individual/$27,700 joint.
Provided estate tax relief. The exclusion increased to $12.06 million individual/$24.12 million joint for tax year 2022. For tax year 2023, the exclusion increases to $12.92 million individual/$25.84 million joint.
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