Tax

Letter to Congress Opposing Tax Hikes in the Build Back Better Framework

The Administration’s Build Back Better Framework released last week would impose the OECD’s highest marginal rates on family-owned businesses and should be rejected by Congress. These businesses just survived a global pandemic and for Congress to impose massive tax hikes on them, with rates exceeding 50 percent in some cases, would be incredibly damaging. The undersigned business organizations, representing millions of Main Street businesses, call on Congress to defeat these ill-advised tax hikes.

Letter to the Committee on Ways and Means Opposing Proposed Changes to the Grantor Trust and Valuation Rules in H.R. 5376

The undersigned organizations, representing millions of individually- and family-owned businesses, strongly urge you to reject the proposed changes to the grantor trust and valuation rules in H.R. 5376, the Build Back Better Act. 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.

Letter to Administration to Oppose New Tax Reporting Scheme by Treasury Department

The undersigned organizations representing a cross-section of business and financial interests write to reiterate our strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package. We respectfully request that this proposal be withdrawn from further consideration, and the administration consider more targeted measures to reduce the tax gap.

Letter to Oppose New IRS Reporting Scheme to Monitor Business and Individual Accounts

The undersigned associations representing a cross-section of financial and business interests write to express our strong opposition to the proposed new tax information reporting regime as described by the Department of Treasury, that would impact almost every American who has an account at a financial institution. The proposal will require providers of financial services to track and submit to the IRS information on the inflows and outflows of every account above a de minimis threshold of $600 during the year.

Tax Letter in Support of Preserving Business Interest Deductions

The undersigned associations, representing thousands of businesses and workers throughout the U.S. economy, write in strong support of permanently preserving the current limit on business interest deductions—which is scheduled to expire in 2022.  Current law limits businesses’ interest expense deductions to 30% of earnings before interest, tax, depreciation, and amortization (EBITDA) for tax years through 2021. Starting in 2022, interest deductions will be limited to 30% of earnings before interest and tax (EBIT).

Family Business Estate Tax Coalition Letter to Ways and Means

We, the undersigned associations, write to state our unequivocal support for the continuation of stepped-up basis. Stepped-up basis prevents family-owned businesses and farms from being hit with two significant and damaging tax bills when a family member passes away—the capital gains tax on any appreciated assets and the estate tax on whatever is left. The FBETC opposes any changes to stepped-up basis that would impose this double death tax and increase taxes on family-owned businesses and farms—including administratively unworkable “protections” that simply delay destructive tax hikes.

Letter to Finance Committee on Percentage Depletion Deduction

As  the  Finance  Committee  considers  possible  tax  changes  in  connection  with  budget reconciliation  legislation,  the  undersigned  organizations  urge  you  to  retain  the  presentlaw  percentage  depletion  tax  deduction.    The  percentage  depletion  deduction  contributes significantly  to  the  role  U.S.  mineral,  coal,  natural  stone,  aggregates,  and  independent  oil and  gas  producers  play  in  fostering  continued  American  economic  prosperity.

Letter to Ways and Means Committee on percentage depletion tax deduction

As  the  Ways  and  Means  Committee  considers  possible  tax  changes  in  connection  with budget  reconciliation  legislation,  the  undersigned  organizations  urge  you  to  retain  the present-law  percentage  depletion  tax  deduction.    The  percentage  depletion  deduction contributes  significantly  to  the  role  U.S.  mineral,  coal,  natural  stone,  aggregates,  and independent  oil  and  gas  producers  play  in  fostering  continued  American  economic prosperity.

Letter to Ways and Means to Oppose Tax Hikes

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.

Letter in Support of the RETAIN Act

The undersigned companies and organizations strongly endorse the Recognizing and Ensuring Taxpayer Access to Infrastructure Necessary for GPS and Satellite Communications Act or the “RETAIN GPS and Satellite Communications Act” introduced today. This legislation would ensure that the costs incurred by the public sector, businesses and consumers as a result of the FCC’s decision to permit Ligado Networks LLC to use spectrum in a way that would cause interference to GPS and satellite communications would be covered by Ligado—the licensee benefiting from the decision.

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