Shreveport Entrepreneur Advocates for Small Businesses in D.C.

Categories: Business NewsFinanceInsuranceNews

A vibrant small business district in Shreveport, Louisiana

News Summary

Chris Rhodes, owner of Crockett Street Trading Company, is heading to Washington, D.C. to advocate for the Main Street Certainty Act, which provides a vital tax deduction for small businesses. If not extended, more than 30 million small businesses may face a significant tax increase. Rhodes emphasizes the importance of small businesses to the economy and their role in local communities. The outcome of this advocacy could impact job growth and economic stability for years to come.

Shreveport Small Business Champion Heads to Washington, D.C.

In a bold move that could have significant implications for small business owners across the country, a Shreveport entrepreneur is heading to the nation’s capital to advocate for vital tax relief. Chris Rhodes, the owner of Crockett Street Trading Company, is representing Louisiana’s vibrant small business community in Washington, D.C., with an important message that could change the landscape for many.

The Main Street Certainty Act: A Lifeline for Small Businesses

At the heart of Rhodes’ mission is the Main Street Certainty Act, a tax deduction for small businesses set to expire at the end of this year. This piece of legislation, which was put into place in 2017, allows small business owners to enjoy a temporary 20% tax deduction, significantly lessening their tax burden. If the act is not extended, it could mean that over 30 million small businesses nationwide may face a daunting 20% tax increase starting in 2026.

Why Small Businesses Matter

Rhodes believes that small businesses are the backbone of the American economy, playing a critical role in its recovery and growth. He points out that the nation’s progress is not built on large corporations alone. Small businesses contribute to their communities and provide a diverse array of products and services that enrich local life.

The Financial Impact

One of the most compelling aspects of the Main Street Certainty Act is how it impacts the financial health of small businesses. The tax deduction allows owners to deduct 20% of their revenue, which can significantly reduce overall tax liability. For many owners, this savings means they can reinvest back into their operations—be it through purchasing new equipment, expanding business operations, or even hiring more staff.

Recent research from Ernst & Young shows that if this deduction is extended, Louisiana could potentially see a boost of nearly 18,000 jobs and an increase of $940 million in GDP over the next decade. Even neighboring Texas could reap the rewards, with projections indicating the potential creation of more than 140,000 jobs and an added contribution of approximately $6 billion to its GDP.

Legislative Support

A key player in this legislative push is Rep. Nathaniel Moran from Texas, who is a member of the powerful House Ways and Means Committee. Moran is actively working to secure the passage of this legislation, underscoring that failing to extend the tax deduction could lead to a grim reality where the effective tax rate for small businesses skyrockets to 43%, compared to just 21% for larger corporations.

A Cautionary Tale

In a dire warning, the same Ernst & Young report indicates that without the extension, the nation could witness a staggering loss of up to 1.2 million jobs annually over the next decade. For many small business owners like Rhodes, the threat is personal. He mentions that losing this tax advantage might force him to look for additional work, a situation he hopes to avoid.

Connecting Local Enterprises

Rhodes is deeply concerned not only about his own business but also for the local vendors who rely on his store to reach customers. The interconnectedness of local small businesses is a vital aspect of community health and economic stability.

Rhodes’ Upcoming Advocacy

In Washington, Rhodes plans to participate in a news conference and will meet with local lawmakers, including staff from Louisiana’s Sen. Bill Cassidy. The support for the Main Street Certainty Act is widespread among Louisiana’s congressional representatives, with both Cassidy and Sen. John Kennedy being sponsors of the legislation.

The Importance of Continuity

Rhodes and many other small business owners firmly believe that extending the Main Street Certainty Act is essential for supporting small business growth and, by extension, the broader local economies they serve. With so much at stake, all eyes will be on Washington as small business advocates like Rhodes make their voices heard. The future of small businesses—and possibly millions of jobs—hangs in the balance.