ACCA Fights Against Tax Increases for Small Businesses
ACCA joined 192 trade associations in opposing Congress’s latest efforts to raise taxes on small, individually, and family-owned businesses as part of the effort to enact a reconciliation bill in 2022.
The letter, signed by ACCA and numerous other trade associations, urges Congress to reject two proposed tax increases that would fall entirely on small businesses, like many ACCA member companies.
The first increase would expand the 3.8% Net Investment Income Tax (NIIT) to individuals and families who actively participate in their business. The second would limit the ability of small businesses to deduct their losses during an economic downturn by expanding and extending the “excess business loss limitation” for “noncorporate taxpayers.”
“These increases will do nothing but harm ACCA members that are small, individually, and family-owned businesses, as well as many others in the HVACR industry,” said Barton James, ACCA president and CEO. “ACCA will do everything we can to prevent these unfair tax increases and protect these essential businesses that are responsible for keeping our economy moving.”
To read the letter, click here.
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Posted In: Government, Taxes, Top Priorities
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