President Biden announced his 2023 budget request, including many anti-small business policies
On March 28, President Biden announced his administration’s fiscal year 2023 budget request to Congress. While it had looked like many of the anti-small business policies included in the Build Back Better Act were eliminated last year, the new Biden budget assumes the Build Back Better Act will be enacted this year and requests additional tax increases and mandates on top of that.
In response to President Biden’s Fiscal Year 2023 budget request, NFIB Vice President of Federal Government Relations Kevin Kuhlman said in a statement to media, “The small business economy is still recovering as owners face multiple headwinds with rising inflation, staffing shortages, and supply chain disruptions. In February, over a quarter of small business owners reported that inflation is their single most important business problem with no sign of it easing. President Biden’s budget request proposes problematic tax increases and mandates beyond those that were included in the Build Back Better Act. Increasing taxes and adding additional mandates on small businesses threaten the fragile small business recovery at a precarious time.”
The most harmful Biden Administration policy proposals that NFIB will continue to advocate against are:
- Increasing the corporate tax rate to 28% without lower rates for smaller businesses
- Eliminating stepped-up basis
- Increasing capital gains tax rates
- Taxing unrealized gains above $100 million with concern the threshold would quickly be lowered over time
This budget request will not become law, but its policy options will be used as a baseline for Congress moving forward. “The assumption that the Build Back Better Act will be enacted continues to raise alarm bells and it’s important for small business owners to continue to push back,” Kuhlman explains.
To join in the fight to stop the Build Back Better Act’s small business tax increases and mandates still being considered in Congress, please email your concerns to your U.S. Senators and Representative.