ABMA signs on to letter opposing tax increases on small and family owned businesses

Rensselaer, NY – This week, the ABMA joined over 190 business groups in writing to congressional leaders to oppose two tax increases under consideration.

The proposed tax increases are:

  • expanding the 3.8 percent Net Investment Income Tax (NIIT) to individuals and families who actively participate in their business, and
  • limiting 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.”

Increasing taxes on small and family run businesses during a time of economic recession when people are still working to recover from the impacts of the COVID-19 pandemic not only harms small businesses but also those who work for them and their communities.

Read the full text of the letter here.