Build Back Better Act: Details & Analysis of the $3.5 Trillion Budget Reconciliation Bill
Posted on
Tell Congress to reject the harmful partisan, reconciliation bill.
“Those in Congress and the White House proposing this legislation must relate to how small businesses are run throughout the country. Most small business are S corporations which means the whole business income is taxed personally to the owners who will then fall into the high-income bracket.
Since my business and many other small businesses in the construction industry is taxed this way, this bill would tax us as if we have made over $400,000. However, I certainly have not taken this much money home and cannot afford to pay 39% tax on what my company has generated. We would not be able to produce at the level that we have been, which will be at a detriment to our employees. If this plan were to pass, the tax increases would cripple my business.”
“As a small business owner, I hope you understand the concern that I have about the provisions of the budget reconciliation package and the negative effects it would have on small businesses owned by black constituents like myself.
The new restrictions on contracting and tax hikes have the potential to destroy my small construction company. I am asking you to vote no on this legislation until a compromise is reached that will not destroy opportunities for small and minority firms to be able to benefit.”
“As a small business owner for nearly 40 years, I can tell you this this bill is going to really hurt my businesses and other small businesses like mine. From a tax perspective, this has the potential to be a job killer, as bills like this only benefit large businesses because they are able to bear the extra tax burden amidst ongoing labor and material constraints.
If President Biden and congressional Democrats raise taxes on small business, as proposed by this bill, we will be forced to limit hiring and capital planning. This will negatively impact middle-class workers at every small business including mine. We are proud to provide our workers and their families with 100% paid health care, guaranteed company contribution into their 401k and an average of $100k for our certified techs. However, under the proposed tax increases, it will be harder to provide these benefits and pay.”
“As the CFO of a 100% employee-owned construction company that includes all of our employees having ownership in the growth and success of our company, this bill will unfairly discriminate against merit shop construction companies such as us.
This proposed bill will harm the thousands of small construction companies that perform quality work for lower prices than union shops can, all at the expense of the U.S. taxpayers and small businesses. Please oppose this bill that does not allow for open competition of construction.”
To pay for the policies in the Build Back Better Act, the bill seeks to repeal the key victories from the Tax Cuts and Jobs Act of 2017, which will have a devastating impact on construction businesses and the economy as a whole.
The Build Back Better Act would create several new unfair labor practices while imposing huge increased fines and penalties on employers even if they are making their best effort to comply.
While raising taxes on many small businesses, the Build Back Better Act seeks to boost big labor union bosses by allowing for an above-the-line deduction for labor union dues. The bill would also force small businesses to use union scale wages and mandate that apprentices be trained through a registered apprenticeship.
Posted on
Posted on
Posted on
Posted on
Posted on
Posted on
Tax Foundation
Posted on
The Hill
Posted on
The Wall Street Journal
Posted on
Fox Business
Posted on
Coalition for a Democratic Workplace
Posted on
JD Supra
Posted on