Second Video Features Family-Owned Business Worried About President Biden’s Proposed Death Tax Increase
WASHINGTON, D.C. (June 29, 2021) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, today released the second 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 the NFIB’s Small Business Survival campaign, a coordinated advocacy effort that highlights why tax increases would be harmful to America’s small businesses.
The second video in the series features Jeanne Bell, a small business owner from Massachusetts who operates Westside Finishing, a family-owned business that takes in metal parts, paints them to specifications, and ships them back to customers. As a family-owned business, Jeanne has long been concerned about the estate tax, also known as the death tax.
Alarmingly, President Biden has proposed another tax increase on family-owned business – in addition to the death tax. After a family business partner dies, surviving family would be responsible for paying capital gains tax on the inherited business assets. This is a considerable departure from current law which allows the business assets’ basis to “step up” to market value. President Biden’s proposal dramatically changes when Americans pay capital gains taxes – from when they sell to when they inherit.
Survivors of a deceased small business owner could face a substantial tax bill. When you add in additional state capital gains and other taxes, the prospect of continuing a family business or farm becomes dire and unaffordable.
Watch the second Small Business Survival: In Their Own Words video featuring Jeanne Bell 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
