North Carolina Congressman recently hosted a roundtable discussion to explore the impact of the expiration of a tax cut bill and discuss solutions to protect Main Street businesses.
U.S. Congressman Greg Murphy said the bill has allowed countless businesses to thrive by providing a 20% deduction on qualified business income, which many used to expand their businesses, employ more people and provide better benefits to their employees.
With the act set to expire next year, Tillis said those business will see a 43.4% increase in their tax liability if it’s not extended.
