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The National Onion Association (NOA) has joined several organizations opposing two proposed tax increases that would affect small and family owned businesses. The letter urged Congressional leaders not to raise taxes on small, individually, and family-owned businesses as part of any effort to enact a reconciliation bill this year.
According to the NOA, the two tax increases under consideration would likely fall entirely on small, individually, and family-owned, closely-held businesses: 1) expanding the 3.8 percent Net Investment Income Tax (NIIT) to individuals and families who actively participate in their business, and 2) 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.”
In the face of a possible recession, 40-year high inflation, unprecedented supply-chain challenges, and chronic labor shortages, raising taxes on small, individually, and family-owned businesses is the wrong approach and should be rejected, the letter stated.
Read the full letter HERE.
SOURCE: NOA
