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.
