Tax Increase and Mandate Proposals in Washington Could Break The Small Business Recovery
Washington’s latest multi-trillion-dollar infrastructure proposals may target the largest corporations to pay for their spending, but unfortunately, the plans would more heavily burden many of America’s small businesses, family-owned businesses, and farms.
An American recovery depends on the small business recovery. To protect America’s small businesses from new proposed taxes and mandates that could break the fragile small business recovery, NFIB has launched the Small Business Survival campaign.
Congress is considering the following harmful tax increases and new mandates for small business:
- Limiting the Small Business Deduction (IRS Section 199A)
- Raising the corporate tax rate from 21%
- Raising the top income tax rate on individually- and family-owned businesses from 37% to 39.6%
- Expanding the estate tax’s reach
- Increasing the top capital-gains tax rate
- Imposes the 3.8% tax (NIIT, SECA) on all business income earned by S corporations, partnerships, and LLCs
- Enacting elements of the Protecting the Right to Organize (PRO) Act
- Mandating that employers provide paid sick leave and retirement accounts
- Establishing a complicated and inflexible new federal-government-run family and medical paid leave program