Date: August 7, 2022
Subject: Preventing Tax Increases on Small Businesses
Description: Thune (R-SD) amendment to the Budget Reconciliation bill reverses a tax provision that unfairly raises taxes for small businesses. The provision requires any small business with private equity in its capital structure to be considered a corporate subsidiary and subject to taxation as a large corporation. CPAC opposes raising taxes on small businesses, especially at a time of rampant inflation.
Result: Amendment Agreed to, 57-43
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