The National Association of Electrical Distributors (NAED) today joined other organizations in signing an appeal to the House Ways and Means Committee in opposition to higher taxes. The letter is below:
Tagged with Biggest News, legislation, taxes, trades
Honorable Richard E. Neal
Chairman, House Ways and Means Committee
1102 Longworth House Office Building
Washington, DC 20515
September 9, 2021
Dear Chairman Neal:
The undersigned organizations representing millions of individually- and family-owned businesses strongly urge you to reject any measures that would raise taxes on Main Street employers as part of the upcoming reconciliation bill.
Individually- and family-owned businesses are the cornerstone of the American economy. They represent nearly all businesses, they employ the vast majority of private sector workers, and they are the building block upon which innumerable communities across this country are built.
The package of tax hikes being considered by the Biden administration and Congress represents a direct assault on these employers. Proposals to raise individual and corporate rates, increase the capital gains tax, and impose a new “double death tax” would raise taxes on Main Street businesses when they operate, when they are sold, and when they are passed on to the next generation.
This triple threat would lock in unprecedented levels of government spending and taxes that would handicap these businesses, and the communities that rely upon them, for decades to come. They would also violate the President’s pledge not to raise taxes on individuals making less than $400,000 a year. Many individual and family business owners that make less than $400,000, including the 1.4 million private C corporation owners, family businesses with ownership shares held in trust, and entrepreneurs selling their business after a lifetime of work, will be directly harmed by these tax hikes.
As inflation and unemployment remain stubbornly high, Main Streets across the country remain boarded up, their businesses closed and their workers idle. Estimates suggest nearly one-third of all private businesses have simply ceased to exist following the COVID-19 lockdowns, with more joining them every day.
Congress should not enact tax policies that harm Main Street employers at any time, much less at this difficult moment in our nation’s history. The Biden tax hikes pose a triple threat to the ability of these individually- and family-owned businesses to survive an uncertain future, and we urge Congress to reject them.