Lynn Mucenski-Keck, Principal and Lead of Federal Tax Policy at Withum, testified in front of the House of Representatives Committee on Small Business on how tax hikes crush the competitiveness of small businesses.
The House Committee on Small Business hosted a hearing on Tax Day, April 18th of 2023, on how changing policy will affect a business’s finances and growth. Lynn served as an expert witness alongside three peers to advocate for tax policy that will support privately-owned businesses and help them thrive.
Lynn explained how the change from immediately expensing R&E, as well as the additional constraints when calculating the interest expense limitation, puts a strain on companies already struggling in a post-pandemic, inflation-facing economy. She also highlighted the importance of the 199A pass-through deduction slated to sunset, leading to a seemingly inevitable tax rate increase for pass-through businesses. She advocated for the pass-through deduction to be made permanent, R&E immediate expensing to be restored and for the interest expense calculation to revert back to the 2021 law.
I greatly enjoyed the opportunity to testify in front of the House Committee on Small Business and how taxes impact privately-owned businesses. I hope that Congress considers our viewpoint and makes changes that not only benefit my clients but privately-owned businesses across the countryPrincipal, Lynn M. Mucenski-Keck
Lynn is a National Lead of Federal Tax Policy at Withum and also serves as an advisor on the s-corp Association Group, which is devoted to promoting and protecting the interests of s-corps. Lynn was chosen to testify by the committee, who were impressed by her resume of over 20 years of experience and her work as a tax writer for Forbes.