Oklahoma manufacturer expresses concerns about tax increases, changes in stepped-up basis
WASHINGTON, D.C. (Oct. 14, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, today released the latest video in a series featuring small business owners explaining how Washington’s proposed tax increases would hurt their ability to operate, survive, and thrive.
The video series “In Their Own Words” features small business owners from around the country and is part of NFIB’s Small Business Survival campaign, a coordinated advocacy effort that highlights why tax increases would be harmful to America’s small businesses.
The latest video in the series features Oklahoma small business owner Chuck Mills. Mills owns Mills Machine Company and is a third-generation manufacturer concerned about proposed tax increases and changes to stepped-up basis that might impact his ability to pass his business on to the next generation. Mills explains, “Tax increases, in general, impact us in such a powerful, negative way. Again, we’re struggling along with just the sheer economy of limited supplies…this supply chain is disrupted and in a bad place…we have a limited workforce. We already have these big issues we have to work on and work with and try to survive, and then you want to pile taxes on top of us…the impact is huge. It really limits our ability to continue to function for the future.”
Survivors of a deceased small business owner could face a substantial tax bill if stepped-up basis is repealed. When adding additional state capital gains and other taxes, the prospect of continuing a family business becomes dire and unaffordable.
Watch the new Small Business Survival: In Their Own Words video featuring Chuck Mills here:
The Small Business Survival campaign is a coordinated advocacy effort that includes targeted traditional and digital advertising, media initiatives, research, grassroots, lobbying, and other efforts that will highlight why tax increases would be harmful to small businesses while holding members of Congress accountable for their support of the tax hikes and mandates.
More information about the campaign can be found here: NFIB.com/SmallBizSurvival and here: https://www.foxbusiness.com/politics/national-federation-independent-business-survival-campaign.