ABI and Members Sign Onto Letter Opposing Federal Tax Hikes

The Iowa Association of Business and Industry's (ABI) members joined forces with other stakeholders by signing onto a letter addressed to our Congressional Delegation, encouraging them not to support tax increases that would jeopardize future growth and set back the business community’s recovery from the pandemic. The letter, spearheaded and also signed by the Iowa Farm Bureau Federation, ABI, the Iowa Business Council and the Greater Des Moines Partnership, was submitted on Wednesday. Congress is currently in the middle of crafting a reconciliation package that would increase corporate taxes, international taxes and capital gains taxes. Congress is also considering proposals that would limit the stepped-up basis allowance and 1031 like-kind exchanges, as well as reduce the number of pass-through entities that could use IRC 199A and like-kind exchanges. As Iowa businesses compete in a global economy, it’s imperative that Congress reject any changes to the current tax code that make our tax climate more burdensome.