Small-business owners weighed-in on key tax and labor issues being considered in Congress.
Congresswoman Elise Stefanik (NY-21) has become a familiar face to NFIB members during the unprecedented challenges brought forth during the COVID-19 pandemic. Now, just as the state and the nation are beginning to recover, Congresswoman Stefanik took time to participate in NFIB’s annual DC Fly-In event to update Empire State small business owners about some of the more concerning proposals under discussion in the Capitol.
New York Sr. State Director Greg Biryla and Assistant State Director Ashley Ranslow thanked the Congresswoman for her strong opposition to The Protecting Our Right to Organize Act, or PRO Act, and for her leadership as a sponsor of The Main Street Tax Certainty Act, NFIB’s top legislative priority. This legislation would make the 20% small business deduction, passed as part of The Tax Cuts and Jobs Act, permanent for small business owners.
Congresswoman Stefanik also fielded questions from New York members and provided information on such issues as infrastructure, unemployment insurance benefits, and taxes.
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 seek higher taxes and new regulations through proposals such as:
- American Jobs Plan
- American Families Plan
- The Pro 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 new 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%
- Automatically extending and expanding unemployment insurance payments
“Members of Congress do respond,” said U.S. Rep. Kevin Hern of Oklahoma, 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.