As a local elected official, I am grateful for the leadership of the President and Congress that has helped to lead us out of a crippling pandemic and into more certain economic times. But now as Congress is considering a series of new tax proposals, we must be careful not to jeopardize that recovery by taxing the very small businesses that bore the brunt of the COVID 19 pandemic.
Increasing taxes on carried interest, for example, while generating new sources of revenue, increases the burden on small businesses within our communities. We must be intentional during this time of recovery and make sure we ask our federal leadership to support our local economies, not levy new taxes against them. I hope Congress acts on this by reconsidering the current proposals on carried interest and acts within Virginia’s best interest by voting against it.
Mary Biggs is a member of the Montgomery County Board of Supervisors.
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