Tomorrow is Small Business Saturday — a day that has grown into a major part of the holiday season and an important boost for Main Street. Since the event began in 2010, Americans have spent an estimated $223 billion at small businesses on this day alone. Last year, shoppers were expected to spend about $22 billion — dollars that support more than 36 million small businesses nationwide and thousands of workers and families here in Nebraska.
This year also brings good news for both employers and families. The Working Families Tax Cuts, which I proudly supported, is now law. It locks in the 2017 Tax Cuts and Jobs Act and saves the average Nebraska family about $2,400 a year.
It also makes permanent my Paid Family and Medical Leave Tax Credit — the nation’s first and only federal policy that empowers employers to offer paid leave voluntarily. This is not a mandate. It is a tax credit that helps businesses that choose to offer paid leave offset the cost of providing it, allowing workers to care for a newborn child or aging parent without fear of losing their job.
They will also benefit from the permanent extension of the 20% qualified business income deduction. This tax relief helps self-employed workers and small firms stay competitive. Pass-through businesses — S corporations, partnerships, and sole proprietorships — make up 98% of all U.S. businesses and employ about half of American workers. Keeping this deduction in place helps protect the 6 million jobs and $325 billion in economic activity it supports nationwide.
Small businesses face plenty of challenges — inflation, competition from big-box stores, and layers of regulation. But Nebraska’s mom-and-pop shops continue to push forward because they believe in what they do and in the communities they serve. When they thrive, our towns thrive. We must continue giving them the certainty they need to hire and invest, not threaten them with higher taxes.
Small Business Saturday is more than just an occasion to buy holiday gifts. It’s a chance to support the entrepreneurs who keep our communities strong. This weekend, when you stop by a local bookstore, bakery, or boutique, remember that you are investing in Nebraska.
I hope you’ll join me in celebrating and supporting the small businesses that make our state such a great place to live.
Thank you for participating in the democratic process. I look forward to visiting with you again next week.