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NRCA Action Alert: Stop Job-Killing Tax Increases on Small Businesses

Aug. 30, 2010

In September, the Senate will consider legislation that will result in tax increases on many small and mid-sized businesses if enacted. NRCA strongly opposes proposed tax hikes and recommends all members contact their senators about this issue now.

In 2001 and 2003, Congress approved pro-growth, pro-business lower tax rates on individual income, capital gains and dividends. However, these lower rates are set to expire Jan. 1, 2011, unless Congress passes legislation to extend the existing rates. Senate Democratic leaders are likely to propose and vote on legislation that extends existing tax rates only for middle income taxpayers while letting rates for high-earning taxpayers, including some small-business owners, expire and revert to higher levels. If such legislation is enacted:
  • The 33 percent individual tax rate will increase to 36 percent.
  • The 35 percent individual tax rate will increase to 39.6 percent.
  • The capital gains tax rate will increase from 15 to 20 percent.
  • Dividend taxes will increase from 15 percent to the taxpayer's individual income tax rate (a 164 percent increase for those paying 39.6 percent).
This massive tax hike on small businesses, entrepreneurs, capital and investment will prevent employers from creating the jobs needed to get our economy, especially the construction sector, back on track!

NRCA is contacting senators in opposition to the proposed tax increases and supporting extension of lower tax rates for all taxpayers. Now, we need your help. Contact your senators now and urge them to oppose job-killing tax increases because:
  • Raising taxes on small businesses and entrepreneurs will hurt their ability to create jobs, especially at a time of weak economic growth.

  • According to the non-partisan Congressional Joint Committee on Taxation, proposed increases in the top marginal income tax rates will affect 50 percent of small-business income.

  • Congress should cut government spending, which was 19.6 percent of GDP in 2007 and is on course to rise to 25 percent in 2011, instead of raising taxes to address the budget deficit.
If you have questions or need more information, please contact Duane Musser, NRCA's vice president of government relations, at (202)546-7584 or dmusser@nrca.net.

NRCA also urges members to forward this Action Alert to other colleagues and friends and encourage them to join you in contacting your senators in opposition to this legislation. Remember, democracy is a participatory sport, and we can make a difference!

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