“Republicans have been very loud and clear that we're going to do everything that we can in our power to make sure these tax increases never happen.”

WASHINGTON, D.C. – At Thursday’s Senate Committee on Finance hearing, U.S. Senator John Barrasso (R-Wyo.) discussed the damaging impact of Democrats’ proposed tax hikes on small businesses in Wyoming with tax policy experts Jeff Brabant of the National Federation of Independent Business (NFIB) and Daniel Bunn of the Tax Foundation.

Specifically, Senator Barrasso detailed the concerns expressed by Wyoming’s small business owners about tax increases, as well as the negative impact that a supercharged death tax would have on family businesses.

Brabant and Bunn testified at today’s Senate Committee on Finance hearing on The 2025 Tax Policy Debate and Tax Avoidance Strategies.

On Democrats’ Proposed Tax Hikes for Small Businesses

“I've been a member of the National Federation of Independent Business (NFIB) when I was practicing medicine in Casper, Wyoming. Our Casper Orthopedics was a proud member.

“There are a couple of questions, things I'd like to talk with you about in terms of what's happening here. Plenty of talk on the numerous tax increases that are facing small businesses coming into 2025.

“Republicans have been very loud and clear that we're going to do everything that we can in our power to make sure these tax increases never happen.

“We've talked about the death tax, the expiration of the small business tax deduction, and increased tax rates across the board that would impact small business owners.

“To go even further though, Democrats seem to want to add to that uncertainty that is facing the country and threaten small business owners with a new supercharged death tax, increased capital gains rates, an additional 5% surtax on small business income.

“I mean, this to me looks like a plan to strangle small businesses.

“So are you hearing from small businesses and the owners about these provisions? And what are they telling you about the 2025 expirations and some of these new tax hikes and proposals that are being threatened?”

Follow-Up:

“So the things I mentioned that you mentioned are inflation, increased prices, hiring fewer people, higher unemployment. So what impact are these tax proposals then going to have on our broader economy?”

Click here to watch Sen. Barrasso’s remarks on Democrat tax hikes.

On the Supercharged Death Tax and Family Businesses

“I travel all around Wyoming and talk to farmers, ranchers, and small business owners.

“On Labor Day, I was in the small town of Meeteetse, Wyoming – a town that's so small that the high school football team plays in the six-man division because that's as many students as they have to be able to play.

“One of the things that keeps them up at night is hearing this stuff about this stepped-up basis.

“Many operations across Wyoming and small businesses are generational. The Biden-Harris administration has proposed this supercharged death tax. If my colleagues on the other side of the aisle have their way in 2025, they'd allow the current death tax exemption to expire.

“When I hear about this in Meeteetse, Wyoming, this has really gotten out a long way from Washington for people worried about what Washington may do that's going to apply to their freedoms, life, their livelihood.

“Are you hearing the same thing from members of NFIB about keeping the current death tax exemption in place, as well as concerns about these new supercharged death tax as well as this stepped-up basis?”

Follow-Up:

“We have a group called the Centennial Ranch Group. We have a celebration each year for those that have kept the ranch in the family for 100 years in Wyoming. Wyoming has only been a state for a little less than 140 years.

“These are families that have been through drought, fire, terrible winters, all of it. Yet, their biggest threat to continuing in the family business is the federal government on what they're doing along those lines. So I appreciate your comments on that.”

Click here to watch Sen. Barrasso’s remarks on the supercharged death tax.

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