March 1, 2023
By Brian Calley, SBAM President & CEO
- Income Tax Rate Cut: A reduction in the income tax rate due to small businesses in current law was preserved. This is the main business tax that small business owners pay. There were efforts to cancel this small business relief, while increasing large corporate incentives, but ultimately small businesses stepped up, made your voices heard, and made the difference.
- Earned Income Tax Credit: The EITC was increased. SBAM has long supported increasing this tax credit, which rewards work and provides a strong juxtaposition to many social services that are often designed in a way that discourages work.
- Retirement Taxes: As retirement income exemptions are increased, private sector retirees will be treated the same as most public sector retirees. Earlier iterations of this exemption put private sector employees at a disadvantage with workers in public pension systems.
I can say with great confidence that these outcomes were in question, but the grassroots advocacy of small businesses had a lot to do this success. Thank you for stepping up and engaging.
For a complete breakdown, watch our March 2nd edition of The Small Business Briefing.