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.