PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

This Week’s GWB Report: Proposed Tax Threats, SCOTUS Decision on Obamcare, and Infrastructure and Broadband Access

By at 18 June, 2021, 2:32 pm

In this week’s Growth Without Barriers podcast, SBE Council president & CEO Karen Kerrigan and host Gregg Stebben discuss a range of issues being debated, proposed and acted upon by Congress, including:

PROPOSED TAX THREATS

STEP Act steps on family businesses and farms: The “Sensible Taxation and Equity Promotion (STEP) Act,” would retroactively tax capital gains on income and property that are passed on to an heir when the current owner dies. Currently, when someone inherits an asset, they aren’t taxed on the appreciation that took place before they controlled the property or investment. Under the proposal, the inheritor would be liable for taxes on all gains, even those accrued before they took ownership. This new “wealth tax” – which expands and supercharges the death tax – goes after middle-class family businesses, family farms, and family homes and wealth. Karen talks about how unfair and inequitable the “STEP Act” actually is.

20% small business deduction under fire: Senator Ron Wyden (D-Ore.) is looking to eliminate this tax relief provided by the “Tax Cuts and Jobs Act” for certain small businesses with income above a certain threshold. The proposal is wrong and misguided, particularly at a time when small businesses need more of their revenue to operate, invest and recover during the post COVID-19 economy.

OBAMACARE AND THE INDIVIDUAL MANDATE

Karen explains how the U.S. Supreme Court ruled on their decision regarding the individual mandate in the Affordable Care Act, and provides some analysis in terms of what this means for efforts and the rationale to “pack the court.”

THE INFRASTRUCTURE PACKAGE AND ACCESS TO BROADBAND

On June 16, the House Small Business Committee, Subcommittee on Underserved, Agricultural and Rural Development hosted a hearing on “Supporting Small Business in the National Infrastructure Package: Broadband.” In a letter-for-the-record sent to committee members, SBE Council president & CEO Karen Kerrigan put forth key principles that Congress must follow in order to close the digital divide using taxpayer dollars. She discussed the letter and principles with Gregg.

LISTEN TO THIS WEEK’S PODCAST HERE.

News and Media Releases