Kitchen Table Economics

Support Community Entrepreneurs on Small Business Saturday

While turkey and spending time with family may be at the forefront of many minds across America as we approach Thanksgiving, there is another holiday that shouldn’t be overlooked. Small Business Saturday—taking place this weekend on November 24th—is an event that encourages shoppers to visit their local small businesses as part of the holiday gift hunt.

It’s critical that we support these Main Street businesses. Our economy depends on it.

There are 30 million small businesses across the country and they employ 60 million people. That’s nearly half the entire U.S. workforce! Without these innovators and entrepreneurs, it’s obvious our country’s economy would stagnate.

Since Small Business Saturday officially launched in 2010, roughly $85 billion has been spent during this holiday at small businesses. However, while that boost in sales is welcomed, support behind the small business community needs to continue all year round.

One clear legislative avenue to further this goal is to extend the federal tax cuts small businesses received as part of the Tax Cuts and Jobs Act at the tail end of 2017. You see, the measures that specifically pertain to small businesses are scheduled to expire in 2025. Prolonging these benefits should be a legislative priority.

During this Thanksgiving holiday weekend, remember to not only give thanks for family, friends and good food, but also for the small business entrepreneurs that make American prosperity possible.