President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets.
Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.
“The White House’s 2024 budget proposal contains $2.5 trillion in harmful tax hikes that would crush Main Street’s ability to grow and create jobs,” said Brad Close, NFIB president, in a statement detailing its campaign to prevent the measures from becoming law. “Some of these tax increases are again being wrongly characterized as the closing of a ‘tax loophole’ and would directly hit small businesses and compound with other rate hikes,” Close said.