News Summary
Chris Rhodes, co-owner of Crockett Street Trading Company in Shreveport, heads to D.C. to support the Main Street Certainty Tax Act. This proposed legislation, which could secure a vital 20% tax deduction for small businesses, is critical to sustaining local economies and jobs. With the potential expiration of this deduction looming, Rhodes emphasizes the importance of small businesses to community vitality and economic health.
Shreveport Small Business Owner Takes a Stand for Local Entrepreneurs
Shreveport, Louisiana, is buzzing with excitement as local entrepreneur Chris Rhodes prepares to head to Washington, D.C. for an important mission. As the co-owner of the Crockett Street Trading Company, which opened its doors on February 6, 2025, Rhodes is championing a cause that could impact the financial future of small businesses across the country. On February 11-12, he will advocate for the Main Street Certainty Tax Act, a piece of legislation aimed at securing crucial tax deductions for small businesses.
Why This Tax Deduction Matters
So, what’s all the fuss about? The Main Street Certainty Tax Act aims to extend a 20% tax deduction that currently benefits various small business structures, including S corporations, LLCs, partnerships, and sole proprietorships. However, this deduction is set to expire in December 2025, and if Congress doesn’t take action, over 30 million small business owners could face a hefty tax increase beginning January 2026. That’s a worrying prospect for many, including Rhodes, who has expressed his concerns about having to seek additional employment just to make ends meet if the deduction disappears.
Rhodes highlights the interconnected nature of local businesses. He passionately believes that if his store struggles, it could have a domino effect on other local vendors who rely on his business to thrive. The Crockett Street Trading Company features a diverse range of local products, including goods from Miss Cheryl’s Simply Natural seasonings, Hummer & Son Honey, and Happy Homemade Soap. Supporting these local vendors is not just a business for Rhodes; it’s about supporting the community.
The Bigger Picture
Small businesses like Rhodes’s are crucial to the economy and local communities. They stimulate growth, create jobs, and keep local economies vibrant, standing in stark contrast to large corporations like Walmart and Amazon. According to a report by Ernst & Young, extending the tax deduction could generate nearly 18,000 jobs and add $940 million to Louisiana’s GDP over the first decade. Texan businesses could see even more significant gains, potentially adding over 140,000 jobs and contributing an estimated $6 billion to the state’s economy.
Support from Lawmakers
Rhodes will be speaking at a news conference in Washington, D.C., and he’ll have critical meetings lined up with staff from Louisiana’s Senator Bill Cassidy. The good news is that many of Louisiana’s lawmakers, including Cassidy and Senator John Kennedy, have shown support for renewing this essential tax deduction. They understand that maintaining a competitive effective tax rate is vital for small businesses. Without this deduction, the rate could skyrocket to 43%, leaving small businesses struggling to keep pace.
As it stands, small businesses account for a whopping 99.9% of all U.S. businesses, employing nearly 46% of the nation’s workforce. The public sentiment favors small businesses, given that they are often seen as more relatable and beneficial to the community than their large corporate counterparts. Yet, without support from Congress, the future of these small businesses remains uncertain.
Looking Ahead
As Rhodes prepares for his trip, he carries not just the hopes of his business but also those of many other local entrepreneurs in Shreveport and beyond. The outcome of the Main Street Certainty Tax Act could shape the landscape of small businesses for years to come. With the clock ticking, everyone is watching to see what happens next. Small businesses like Rhodes’s are not just shops; they are the heart and soul of communities, providing jobs, fostering relationships, and making our neighborhoods vibrant places to live. Here’s hoping for a favorable outcome that will allow local businesses to continue thriving in Shreveport and elsewhere!
Deeper Dive: News & Info About This Topic
HERE Resources
Shreveport Struggles With Declining Sales Tax Revenue
Louisiana Legislature Completes Historic Tax Reform, Promising Lower Rates for Residents
Additional Resources
- The Shreveport-Bossier Advocate
- In Forney
- Moore News
- Bankrate: Best and Worst States for Small Businesses
- NOLA.com
- Wikipedia: Small Business
- Google Search: Main Street Certainty Tax Act
- Google Scholar: Tax Deductions for Small Businesses
- Encyclopedia Britannica: Small Business
- Google News: Shreveport Small Business
