The fifth video in the series features a Washington family business worried about repealing stepped-up basis
WASHINGTON, D.C. (Aug. 24, 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 a 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 Mike Gilmartin, CEO of Commercial Creamery in Spokane, Washington. Gilmartin expresses concern over repealing stepped-up basis and what it would do to his family business: “To hit this generation with a change in the tax rules, no stepped-up basis, well I haven’t planned for that. And there is no way my kids are going to be able to come up with that money.” Gilmartin explains the capital gains on his company is large and worries that his children would have to bring in an outside investor to be able to keep the company open.
Survivors of a deceased small business owner could face a substantial tax bill if stepped-up basis is repealed.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 Mike Gilmartin 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 about the campaign can be found here: NFIB.com/SmallBizSurvival and here: https://www.foxbusiness.com/politics/national-federation-independent-business-survival-campaign.