NWRA, along with more than 100 other associations in a coalition representing Main Street employers, sent a letter to House Ways and Means Committee Chairman Richard Neal (D-MA) calling on him to oppose all proposals in the reconciliation bill that would increase any taxes on small business owners.
In a second letter from the Family Business Estate Tax Coalition representing 150 associations, NWRA and its coalition partners urged Chairman Neal and Ranking Member Kevin Brady (R-TX) to support the continuation of the stepped-up basis to prevent the imposition of a double death tax on family-owned businesses. President Biden’s American Families Plan calls for the elimination of the stepped-up basis, which would result in the imposition of a capital gains tax on any appreciated assets and the estate tax on whatever is left when a family member passes away.
“Individually- and family-owned businesses are the cornerstone of the American economy,” said NWRA President and CEO Darrell Smith. “They represent nearly all businesses, they employ the vast majority of private-sector workers, and they are the building block upon which innumerable communities across this country are built.
“As state and local economies start to grow again, now is the wrong time to burden small businesses with tax increases that further jeopardize their survival. NWRA urges the House Ways and Means Committee to reject these tax increases,” Smith concluded.