WASHINGTON, D.C. (Sept. 21, 2021) – NFIB President Brad Close wrote a new op-ed in USA Today explaining why the latest tax plan from lawmakers would be detrimental to small businesses.
Close notes that small businesses aren’t looking at one or two tax hikes under the proposed plan – they’re looking at a slew of tax increases that would hit them from every angle including raising small business income taxes, capping the small business deduction, and raising capital gains and estate taxes.
“As usual, the White House offered platitudes this month at the start of Small Business Week. Small businesses are the ‘engines of our economic progress.’ The ‘pillars of their neighborhoods.’ And so on. But a few days later, the House of Representatives, with the White House’s backing, announced one of the most dramatic assaults on small business in decades. Lawmakers unveiled a massive tax-hike package that would jam those ‘engines of our economic progress’ and topple many of those ‘pillars of their neighborhoods.’”
“These tax hikes are bad enough, promising job losses and shuttered stores across the nation. But the White House and Congress also want to raise costs on small businesses in other painful ways. Case in point: The $3.5 trillion House bill would mandate that all businesses with five or more employees auto-enroll them in a retirement plan. A third of small employers offer a retirement plan.”