NATSO Urges Congress to Reject Tax Hikes on Family-Owned Businesses

Added on: November 5, 2021


NATSO joined other associations representing Main Street businesses in sending a letter on Nov. 3 to congressional leaders urging them to reject the significant tax increases on family-owned businesses included in the Build Back Better plan. The bill aims to expand the 3.8 percent Net Investment Income Tax (NIIT) to all pass-through business income; impose a new surtax of up to 8 percent on all forms of income, including family businesses; and make permanent and expand the loss-limitation rules. The bill is especially harmful to family businesses with ownership shares held in taxable trusts. NATSO continues to work with Congress to improve the Build Back Better plan and opposes many of the provisions currently included.