Kevin Brady: “I include in the Record a letter from the National Federation of Independent Business, the Nation's leading small…”

“I include in the Record a letter from the National Federation of Independent Business, the Nation's leading small business advocacy group underscoring how this proposed bill will impose a small business surtax on already struggling mom-and-pop shops across America. NFIB, Washington, DC, November 5, 2021. Dear Representative: On behalf of NFIB, the nation's leading small business advocacy organization, I write in strong opposition of H.R. 5376, the Build Back Better Act. This legislation would increase taxes, impose new mandates, and increase penalties on small business owners, threatening to disrupt the fragile small business recovery. H.R. 5376 will be considered an NFIB Key Vote for the 117th Congress. NFIB opposes efforts to raise taxes on small businesses. The Build Back Better Act broadens existing passive income taxes and applies them to active income, creating a true ``Small Business Surtax.'' Specifically, the legislation substantially expands the 3.8% net investment income tax (NIIT) on pass-through business income and applies it to all business income above $400,000 (individual filers) and $500,000 (joint filers). The threshold is even lower for family businesses held as trusts, with the surtax applying to income above $13,000. These thresholds are not indexed for inflation, so the ``Small Business Surtax'' will impact an increasing number of businesses and an increasing percentage of business income every year.…”