Small-business owners had a lot to say and hear at June 22-23 virtual gathering
“The tax proposals we are seeing are just mind-numbing,” said Sen. Mike Crapo in an exclusive call held with NFIB Idaho members as part of the June 22-23 Virtual Fly-In events organized by NFIB.
The Ranking Member of the U.S. Senate Finance Committee painted a grim picture of the many tax-increase proposals coming out of the administration and swirling around Congress, including a wealth tax. “They don’t want to wait until you die, ‘we want to tax your wealth now,’” summarized the senator of proponents’ message.
After giving members a rundown of legislation, Senator Crapo took questions from members on a variety of topic ranging from forthcoming penalties in retirement, capital gains, stopping the extension of long-term unemployment insurance benefits, which one attendee pointed out the irony of living in a state with explosive population growth and his inability to attract the employees he needs. The senator used this exchange to promote his plan to pay people to go back to work with a one-time payment incentive.
NFIB would not allow a pandemic to deter America’s No. 1 job-creators from having their say with top Congressional leaders, so it conducted its annual Fly-In event virtually. The timing was never more vital.
More than 1,000 NFIB members from around the nation were apprised of the latest actions on legislation that regrettably portend higher taxes and more regulations through proposals such as:
- American Jobs Plan
- American Families Plan
- The Pro Act
- The Raise the Wage Act
Attending small-business owners were also encouraged to get in direct touch with their representatives and senators who are right now considering new tax proposals and further burdensome regulations, including:
- Increasing the corporate (C-corp) tax rate from 21% to 28%
- Increasing the top income tax rate on passthrough businesses from 37% to 39.6%, broadening the reach of the tax, and limiting the Small Business Deduction (§199A)
- Increasing Taxes at Death:
- Repealing stepped-up basis
- Taxing capital gains at death rather than point of sale
- Increasing the top capital gains tax rate from 23.8% to 43.4%
- Enacting the Healthy Families Act, which mandates employer paid sick leave
- Creating a government-run paid family and medical leave program
- Increasing the federal minimum wage to $15 per hour
- Automatically extending and expanding unemployment insurance payments
This 11-slide PowerPoint presentation provides a little more detail on the bullets above. You can also click these single pages of information on proposed tax increases and new regulations
“Members of Congress do respond,” said U.S. Rep. Kevin Hern, the Virtual Fly-In’s first-day guest, “do not give up. Your voice matters.” Louisiana U.S. Sen. Bill Cassidy agreed, suggesting inviting elected officials to “come to you” and if they take you up on it, make sure to invite your employees. “If they see employees, then they’ll listen. Get the talkative ones up front.”
One of the many benefits of NFIB membership is the opportunities your association presents to hear directly from and talk directly to the top policymakers and agency officials making the decisions affecting your ability to own, operate, and grow your business. In addition to this annual event, check your email or your NFIB state webpage for other events such as Small Business Day at the Capitol and member meetings throughout the state.
