"There are serious issues before us in the 118th Congress," say officials from the Tire Industry Association (TIA), which recently provided an update on key legislative efforts.
In an update issued earlier today, TIA officials say representatives from the association recently "attended a program with Senate Republican Whip John Thune to discuss Republican legislative priorities and the state of the U.S. economy. Thune is a champion for TIA on small business issues such as estate tax repeal.
"TIA fought to keep the estate and gift tax exemption at its current level rather than the significantly reduced level proposed this year, which would have cost successful small business and privately owned business owners and their key employees millions of dollars in taxes. TIA will be fighting in 2023 to make the current estate tax exemption permanent so that it doesn’t automatically get cut in half as of January 1, 2026.
"In 2022, TIA led the charge to fight the proposed elimination of the step-up in basis for assets going through an estate," according to association officials.
"This single proposal would have resulted in major new income taxes for the heirs of the owners of small and privately owned businesses."
"This single proposal would have resulted in major new income taxes for the heirs of the owners of small and privately owned businesses."
TIA also was able to help a number of key Congressional members understand "that the impact of this bill would fall on millions of Americans – many of them middle or upper middle-income taxpayers and certainly not only the very rich.
"Last month, TIA educated the Department of Labor on how its proposed rules - most recently the various iterations of the overtime rules and independent contractor rules - would impact small and privately-owned businesses and successfully opposed proposals that would have been unduly burdensome or unwieldy for small businesses.
"Recently, TIA educated members of Congress about the negative impact the various Social Security proposals would have on small and privately-owned businesses. These proposals would dramatically increase payroll taxes paid by the owners of small and privately owned employers because not only would the owners have to pay payroll taxes on their own income above a certain threshold (say $400,000), but the company would also have to match the extra payroll taxes for all employees over the income threshold.
"TIA will continue to monitor the fixes to shore up the Social Security system to make sure small and privately owned businesses are treated fairly."
"TIA will continue to monitor the fixes to shore up the Social Security system to make sure small and privately owned businesses are treated fairly."
