NRCA joins letter opposing tax hikes on Main Street employers
NRCA joined a letter with 192 business trade groups and the Main Street Employers Coalition, representing businesses employing millions of Americans in every state and district, to oppose recent proposals that would raise tax rates on individually- and family-owned businesses.
According to recent media reports, two tax increases under consideration by Congress would fall entirely on small, individually- and family-owned businesses: one expands the 3.8% Net Investment Income Tax to individuals and families who actively participate in their businesses, and the other limits the ability of small, individually- and family-owned businesses to fully deduct their losses during an economic downturn by expanding and extending the so-called “excess business loss limitation” for “noncorporate taxpayers.” Combined, these would increase revenues by more than $400 billion over 10 years, shouldered entirely by small, individually- and family-owned businesses.
In the face of a possible recession, 40-year high inflation, unprecedented supply chain challenges and chronic labor shortages, raising taxes on these businesses is the wrong approach and should be rejected. NRCA will continue to keep members apprised of its efforts.
Congress returns to jam-packed agenda with few legislative days left before midterm elections
Congress returned this week from a two-week break with a full wish list of legislative priorities, including campaign promises, and insiders say if they do not get completed during the next few weeks, there is no hope for any significant accomplishments before the November elections. The big-ticket item is a scaled-down version of Democrats’ Build Back Better Act, which includes Medicare reforms, climate provisions, deficit reductions and taxes on Main Street employers.
Majority Leader Schumer and Sen. Blumenthal test positive for COVID-19
Majority Leader Chuck Schumer (D-N.Y.) and Sen. Richard Blumenthal (D-Conn.) announced this week they have tested positive for COVID-19, a not-so-subtle reminder that the Senate currently is a 50-50 body where every vote matters. In addition to Schumer and Blumenthal being absent from in-person meetings and voting this week, Sen. Patrick Leahy (D-Vt.) also is likely to be absent as he recovers from hip surgery and is out of town unless absolutely needed.
Upcoming Primary Elections
July 19: Maryland
July 26: Runoff in North Carolina
Aug. 2: Arizona, Kansas, Michigan, Missouri, Washington
Aug. 4: Tennessee (notable Thursday primary)
Aug. 9: Connecticut, Minnesota, Vermont, Wisconsin
Aug. 13: Hawaii
Aug. 16: Alaska, Wyoming
Aug. 23: Florida
