PIA joined the business community in a letter to oppose raising taxes on individually- and family-owned businesses as proposed in the Biden Administration’s Fiscal Year 2024 (FY24) Budget Request.

The budget request is released every year by each administration and amounts to a wish list of what that administrations’ funding priorities are for the year. While it is never enacted exactly as it is released, a budget request signals the priorities of the administration as the congressional budget and appropriations committees work to fund federal government programs.

The Biden Administration’s FY 24 Budget Request proposes to raise the top rates paid by pass-through businesses and corporations alike, increase the Net Investment Income Tax and expand it to cover the active business income of pass-through business owners, make permanent the harmful loss limitation rules, make it harder for family-owned businesses to survive from one generation to the next by gutting the existing grantor trust rules, nearly double the tax rate on capital gains, and impose a new minimum tax on larger family businesses that appears to redefine how income is measured. The combination of these policies would raise top tax rates on these businesses to close to 50 percent, both on their operating profits and on any gain when they sell the company. 

PIA strongly opposes raising taxes on individually- and family-owned businesses. We will work with Congress to advocate against attempts to include such proposals in the appropriations process.