Video series features small business owners from across the country
In a new NFIB video series titled In Their Own Words, small business owners explain how Washington’s proposed tax increases would harm their businesses. In Their Own Words features the stories of NFIB members from across the country. It’s part of the Small Business Survival campaign, a federal advocacy campaign led by NFIB to protect small businesses from the tax increases and new regulations that Congress is currently considering.
The first video in the series features Allen McBride, the owner of a summer camp in Alabama. Allen’s business is organized as a c-corporation and it’s one of the hundreds of thousands of small c-corporations currently targeted for a federal tax increase. While the multi-trillion-dollar proposals in Washington, D.C. may target the largest corporations to pay for their spending, unfortunately, their plans would more heavily burden America’s small businesses like Allen’s.
“If big government wants to put big taxes on big business, that’s out of our league,” Allen told NFIB. “But for a small business like us, another tax increase… makes it almost impossible to compete.”
The second video in the series features Jeanne Bell, owner of Westside Finishing, a Massachusetts company that paints and finishes metal parts. Like many small businesses, Westside Finishing is a family-owned business, which means it’s vulnerable to the new death taxes being considered in Congress.
In addition to existing estate taxes, the Biden Administration has proposed a devastating additional death tax by repealing “stepped-up basis.” Following the death of a family business partner, many small businesses would be forced to downsize or even sell in order to pay these taxes and associated fees. A 2021 study estimated the repeal of stepped-up basis would result in a total of 800,000 jobs lost and $100 billion decrease in GDP over ten years.
“It’s not like any tax savings go into our own pockets, it all goes back into our business,” Jeanne told NFIB. “The more they take away, the less we can reinvest into the business.”
If you’re a small business owner concerned about federal tax increases or new regulations, we want to hear your story as well. Please get in touch with NFIB today about telling your story and help us continue the fight for Small Business Survival.
If you’d like to learn more about the proposals being considered in Congress, last week’s NFIB federal advocacy briefing is now available on-demand.