Petition urges Congress to reject new tax increases on small businesses
WASHINGTON, D.C. (April 19, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, presented members of the U.S. House Committee on Small Business with a petition signed by over 11,000 small business owners urging Congress to reject the White House Fiscal Year 2024 budget proposal that includes new tax increases on small businesses.
“Thousands of small business owners from across the nation signed the petition to say the proposed tax increases will be detrimental to their businesses,” said Kevin Kuhlman, NFIB Vice President of Federal Government Relations. “The White House is claiming they are ‘closing a loophole’ by subjecting small business income to a new 5% tax, but that claim is false and misleading. Small businesses are not a tax loophole and ask their elected officials to reject the proposed tax hikes.”
Small business owner and NFIB member Warren Hudak testified before the committee and spoke about the upcoming expiration of the Small Business Deduction (199A) included in the Tax Cuts and Jobs Act, concerns with the Fiscal Year 2024 budget request, and concerns about the IRS enforcement expansion plans.
NFIB recently launched a multi-state paid advertising campaign against the tax hikes. Listen to the radio ads here.
On Friday, NFIB small business member Alison Couch will testify before the U.S. House Ways and Means Committee at a field hearing in Peachtree, Georgia on the proposed tax increases.