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.

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.

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 We respectfully request that this proposal be withdrawn from further consideration, and the administration consider more targeted measures to reduce the tax gap.

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.

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).

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.

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. Maintaining a strong natural resources production sector and limiting our dependence on foreign production is critical to the growth of the U.S. economy.   

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.

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.  Maintaining a strong natural resources production sector and limiting our dependence on foreign production is critical to the growth of the U.S. economy. 

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.