White House and congressional leaders meet to discuss the debt ceiling
With the recent announcement that the federal government potentially could default on debt payments in early June absent legislative action by Congress to increase the statutory debt ceiling, President Biden met with House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders at the White House to discuss how to resolve the issue. House Republicans are demanding spending cuts in the fiscal year 2024 federal budget as part of any plan to increase the debt ceiling, whereas Biden has indicated he will not negotiate potential budget cuts under the threat of an unprecedented government default. It appears little progress was made during the meeting, but White House and congressional staff are continuing to discuss options, and the leaders are expected to meet with the president again May 12.
Join petition to protect small businesses from harmful tax policy
NRCA encourages industry partners to cosign onto the National Federation of Independent Business’s petition, “My Small Business is Not a Tax Loophole.” On March 9, President Biden shared his proposed budget for fiscal year 2024. For one of the largest tax increase proposals, the president claims he is “closing a loophole” by proposing a new Small Business Surtax of 5% on business income exceeding $400,000. The president’s budget summary stated: “The budget closes a loophole that allows certain business owners to avoid paying Medicare taxes…” Join fellow businesses across the U.S. by adding your business to a petition designed to help set the record straight—as a business owner, you pay more taxes than you are given credit for.
NRCA signs letter to support the Save Local Business Act
On April 25, NRCA signed a letter with allied business organizations in support of the Save Local Business Act (S. 1261/H.R. 2826). This legislation would amend the National Labor Relations Act and Fair Labor Standards Act to make clear that an employer may be considered a joint employer in relation to an employee only if such employer directly, actually and immediately exercises significant control over the essential terms and conditions of employment. Main Street businesses are seeking the legal clarity promised by the Save Local Business Act to help them grow their businesses, create jobs and serve their communities as they work to meet local, state and federal obligations to their employees, customers and the public.
