lobbying_activities: 2630553
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| id | filing_uuid | filing_type | registrant_name | registrant_id | client_name | filing_year | filing_period | issue_code | specific_issues | government_entities | income_amount | expense_amount | is_no_activity | is_termination | received_date |
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| 2630553 | 1ccdf332-6c28-41bd-abde-c9ff4e227c9d | 2T | HUGHES LAWYERS, LLC | 401104707 | EQUIPMENT DEALERS ASSOCIATION | 2021 | second_quarter | TAX | Under your proposed tax plan, you have endorsed a number of provisions which would be harmful to family owned businesses, including a large number of our Members. Specifically, we ask that you reconsider the following profound tax increases as these proposed changes would compound the financial and compliance burden on next generation family business owners including many of our Members: Death Tax Plan: Under your proposed tax plan, you have proposed a return to 2009 law for the death tax ($3.5 million exemption and 45% rate vs. $11.7 exemption for individuals/$23.4 million for couples in 2021 and 40% rate). This would more than triple the number of taxpayers currently subject to the death tax including many of our Members. Step up in basis repeal: Stepping up the basis of property protects next generation business owners from the potential of paying double taxes by virtue of a 40% death tax and then another large capital gains tax upon the sale or future passing on of the business. Such an action demands an immense amount of liquidity simply to pay the taxes on a business for which there has been to corresponding influx of cash as there would be in the event of a sale. Capital Gains Due at Death: Death is not a predictable event and when a business owner passes away, inheritors under your plan owe capital gains taxes as if a profitable sale of the family business had occurred. This presumes a high degree of liquidity that the average small business owner does not have and would jeopardize many family businesses. Taxing Capital Gains as Ordinary Income: A part owner of a large family business would potentially have to pay the ordinary income tax rate on a small business they inherited at death versus the capital gains tax rate. Again, this proposed policy presumes liquidity that the average small business owner does not have and would, as a result, jeopardize many family businesses. Repeal of LIFO (Last In/First Out): Any repeal of the Last In/First Out accounting method should not be adopted. There are approximately 10,000 businesses that use the LIFO method based on IRS statistics and most of the businesses that use the LIFO method are small businesses rather than large, publicly traded companies. | 10000 | 0 | 1 | 2021-05-11T11:13:26.067000-04:00 |