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News & Alerts

Federal Budget Reconciliation Bill Would Increase Taxes

9/29/2021

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Bill Signing
​Congressional tax writers are considering a number of tax increases in the $3.5 trillion budget reconciliation bill that is being negotiated among Congressional Democrats this week. The National Restaurant Association and the Wisconsin Restaurant Association have been working with moderate members of Congress who will play a critical role in passing the bill, to educate them on the detrimental impact tax increases would have on the restaurant industry still struggling to recover from the pandemic. In a letter to House and Senate  leaders, the National Restaurant Association opposed:
​
  • Elimination of the small business tax deduction for qualified business income (QBI) after $500,000.
  • Repeal of the stepped-up basis, which would make death a taxable event for family-owned businesses. Restaurants carry an average cash-on-hand to cover 16 days of expenses. Taxing a restaurant as it is passed down to the next generation would require cash that simply cannot be produced in the short-term.
  • Increases in the corporate tax rate, which will cost companies - including restaurants - over

$540 billion. As the second-largest private sector employer in the nation, restaurants will have fewer opportunities to invest in employee growth and expansion.

If passed, most of the proposed changes will take effect in January 2022. “Raising taxes during a pandemic creates unintended consequences for a restaurant’s prospects for survival, the growth of our workforce, and the recovery of the communities we serve,” said Kristine Hillmer, WRA President and CEO. “It would be tragic if Congress provided a lifeboat for restaurants and other small businesses via the Paycheck Protection Program, Employee Retention Tax Credit, and the Restaurant Revitalization Fund, only to sink these same businesses with a major tax hike while a full recovery remains out of sight.”

Letter to House and Senate Leaders
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  • Membership
    • Member Login
    • Membership Savings >
      • Manufacturer Rebate Program
      • Employee Retention Credit
      • FICA
      • Lending
      • RestaurantOwner
      • Property & Casualty
      • Workers Compensation
      • Credit Card & Payroll Processing
      • Health Solutions
      • Entertainment
      • Music Licensing
      • Other Products & Services
    • Restaurants
    • Suppliers >
      • Members Only Login
      • Supplier Member Benefits
      • Interested in Joining
      • Live Events
      • Sponsorships
      • Advertise
      • Donate
      • Get Involved
    • Easy Renew
    • Referral Program
    • Join
  • Resources
    • Members Only
    • Business Support >
      • AskWRA
      • Supplier's Directory
      • National Restaurant Association
      • Laws & Regulations
      • Publications
      • Materials to Purchase
      • Popular Topics
    • For Diners >
      • Dining Guide
      • Gift Certificates
    • Solutions on Staffing
    • Humans Of Hospitality >
      • Humans of Hospitality - Share Your Story
    • Industry Insights >
      • The Pulse
    • Tax Credits
    • News & Alerts
  • Advocacy
  • Events & Training
    • Calendar
    • Events >
      • Live Workshop Presented by Google: Optimizing Your Google Business Profile!
      • Restaurant Resource & Products Roadshow
      • Top 20 Women to Watch
      • Women in Hospitality Conference
      • Cheers to Hospitality
      • WRA Northern Shootout
      • Wisconsin Food & Hospitality Expo
      • Dine for ProStart
    • Food Protection Manager Certification
  • ServSafe
  • Foundation
    • ProStart
    • Scholarships
    • Get Involved >
      • Volunteer
    • Endowment Fund
    • Board of Directors
    • Donate
  • About
    • Our Team >
      • Staff
      • Board of Directors
      • Careers
    • Our Mission
    • Contact Us & Hours
    • Chapters
    • Awards >
      • WIHC Top 20 Women in Hospitality
    • Press Releases