Senator Tillis to Brief NFIB Members on Proposed Federal Tax Increases

Date: December 01, 2021

U.S. Sen. Thom Tillis will brief NFIB members on the small business tax increases included in the pending Build Back Better Act during a virtual town hall meeting on Wednesday, Dec. 15.

The federal bill has cleared the House and is awaiting action in the Senate. If passed, it would

  • Curtail the Small Business Deduction (section 199A) for growing businesses
  • Raise the income tax rate on individuals from 37% to 39.6%
  • Increase the effective top capital gains rate from 23.8% to 28.8%
  • Raise the top corporate tax rate from 21% to 26.5%
  • Mandate small businesses with 6 or more employees provide auto-enroll retirement plans
  • Create a new federal paid family and medical leave program
  • Impose a new 3.8% tax on active pass-through business income (small business surtax)

The virtual event is open to NFIB members. If you’re interested in attending, click here to learn more and to register.

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