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NFIB Weekly News

NFIB Weekly News

NFIB Weekly News Leading the News

Small Businesses File Amicus Brief Supporting Challenge to Debit Card Interchange Fees (05/17/2023)

WASHINGTON, D.C. (May 17, 2023) – NFIB filed an amicus brief at the U.S. Supreme Court in the case Corner Post Inc., v. Board of Governors of the Federal Reserve System. NFIB’s brief argues against burdensome debit card fees on behalf of small business owners. The case concerns when a new business can challenge burdensome agency regulations, like the one imposing debit card fees.

“Card fees are a significant financial burden for small businesses,” said Beth Milito, Executive Director of NFIB’s Small Business Legal Center. “These fees often represent one of the largest operating costs for small businesses. Unfortunately, multiple federal courts have misinterpreted the law to prevent new businesses from challenging burdensome regulations. We are hopeful that the Supreme Court will grant review and provide clarity for when new businesses can challenge harmful agency actions.”

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Business Climate

“Main Street Tax Certainty Act” Introduction in the U.S. Senate (05/17/2023)

The Main Street Tax Certainty Act is expected to be introduced in the U.S. Senate this week. Senator Steve Daines (R-MT) will re-introduce the important legislation, which will make the Small Business Deduction permanent. Currently, the deduction is set to expire after 2025. Rep. Jason Smith (R-MO), who has long championed making the Small Business Deduction permanent, is anticipated to re-introduce the legislation in the House soon as well.

“As small businesses manage economic headwinds, Congress has the opportunity to pass legislation that would provide tax certainty for Main Street by making the Small Business Deduction permanent,” said Brad Close, NFIB President. “Unlike the corporate rate, the Small Business Deduction is set to expire in 2025 and its elimination would cause small businesses to curtail their hiring and growth plans. We are encouraged that Senator Steve Daines re-introduced the Main Street Tax Certainty Act in the Senate and urge members of the U.S. House to quickly follow.”

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Wages and Benefits

Labor Quality Becomes Top Small Business Problem, Followed by Inflation (05/09/2023)

WASHINGTON, D.C. (May 9, 2023) – NFIB’s Small Business Optimism Index decreased by 1.1 points in April to 89.0. This marks the 16th consecutive month below the survey’s 49-year history of 98. Labor quality was the top business problem at 24%, with inflation in second place by one point at 23%.

“Optimism is not improving on Main Street as more owners struggle with finding qualified workers for their open positions,” said NFIB Chief Economist Bill Dunkelberg. “Inflation remains a top concern for small businesses but is showing signs of easing.”

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