WASHINGTON, D.C. (Aug. 24, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, announced S. Con. Res. 14, the Fiscal Year 2022 Budget Resolution as an NFIB Key Vote for the 117th Congress in a letter sent to members of the U.S. House of Representatives.
“This budget resolution includes several harmful policies on small businesses,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “The budget resolution represents the first step in a process to increase taxes and mandate new requirements on small businesses. It begins the process to eliminate stepped-up basis, curtail the Small Business Deduction, and increase taxes on small corporations, all of which would be damaging to small businesses throughout the country. These policies will result in less investment in employees, less investment in small businesses, and less economic growth.”
Curtailing the Small Business Deduction (Section 199A) will be a substantial tax increase on our nation’s small businesses. If stepped-up basis is eliminated or substantially altered and capital gains rates are nearly doubled in the reconciliation process, small business owners planning for the future of their businesses would be negatively impacted.
NFIB launched the Small Business Survival campaign, which 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 tax hikes and mandates.
