Today’s Bureau of Labor Statistics report showed inflation surging at its fastest pace in 40 years with the consumer price index increasing 7 percent year over year.  Despite these rising prices, lawmakers and the White House are still working to pass the multi-trillion-dollar tax hikes included in the Build Back Better Act.

In response, over 90 trade associations today called on Congress to end efforts to pass Build Back Better and shift its focus to address the pressing issues confronting American families and businesses – rising prices, labor shortages and supply chain disruptions. As the letter reads:

Today’s Consumer Price …

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The Build Back Better (BBB) bill would have harmed family businesses, cost jobs, and accelerated the economic consolidation already taking place in this country.  It would have been a negative for those states and communities that rely on family businesses as the core of their economies and their social institutions. That’s why S-Corp and the Main Street Employers coalition have been fighting it for the past year.

And now it’s dead – or at least on life support.  Senator Joe Manchin announced this morning on Fox News that he would vote “no” on the BBB.  As he told Bret Baier:

If …

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Ways and Means Republicans held a panel discussion on the Build Back Better (BBB) Act’s impact on individually and family-owned businesses yesterday morning, and just in time.  Main Street is panicked over the possibility that the House-passed bill will be signed into law, and new numbers from EY demonstrate why.

The BBB would raise taxes on businesses organized as S corporations, partnerships, and sole proprietorships by more than $500 billion over ten years.

The BBB is advertised as going after only the very wealthy, but 81 percent of its individual tax …

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The House-passed Build Back Better Act represents an existential threat to many S corporations.  Not only would the bill raise their rates to the highest in the OECD, it would impose limitations to deducting their active business losses that are worse than those that apply to passive losses.  If your goal is to force all large pass-through businesses into the C corporation model, this is your bill.

On the rate front, the BBB makes no attempt to balance out the tax treatment of pass-through businesses with C corporations.  The bill’s new surtax and expanded NIIT, combined with the pending expiration …

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