Author: Admin

FBC breaks down PPP data on Small Businesses, Lenders Helping Small Businesses

As part of the Family Business Coalition’s (FBC) mission to protect family businesses, FBC began looking into the success of the Paycheck Protection Program. After passage of the CARES Act, our team helped a number of multi-generational family businesses, across a broad group of industries, understand the ins and outs of the newly created Paycheck Protection Program, including the accompanying Treasury guidance. FBC strongly supports the PPP loan program which has helped almost 5 small million businesses cover payroll and business expenses during the COVID-19 crisis.continue reading →

151 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act

For Immediate Release:                                                         Contact: Alex Ayers February 20, 2019                                                                   Alex[@]familybusinesscoalition.org 151 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act Diverse Business Coalition Supports Legislation to Repeal the Federal Estate Tax Washington, DC – Today, the Family Business Coalition (FBC) released a letter signed by over 150 small business associations and advocacy groups supporting the bipartisan Death Tax Repeal Act. Associations include the National Cattlemen’s Beef Association, Associated Builders and Contractors, Wine and Spirits Wholesalers of America, International Franchise Association, and many more. Together these groups support millions of jobs across every…continue reading →

Family Business Coalition Supports House Tax Reform Bill

Legislation will help family business owners and farmers grow and create jobs WASHINGTON, DC: November 2, 2017:  Today, Republican leaders in Congress unveiled The Tax Cuts & Jobs Act, which simplifies the tax system and reduces the tax burden on small businesses. These important changes will unleash small business growth, increase wages, and create jobs. “The Tax Cuts & Jobs Act combines historic middle-class tax relief with bold pro-growth tax cuts for small businesses,” said Family Business Coalition Chairman Palmer Schoening. “Permanent death tax repeal removes a crushing burden from the backs of…continue reading →

Family Business Coalition Supports Tax Reform Framework

Plan helps family businesses by repealing estate tax and lowering tax rates Earlier today, Republicans released a pro-growth tax reform framework that aims to simplify the tax system, reduce tax burdens on small businesses, and boost income for workers. The tax plan also brings long-awaited relief for small, family owned and operated businesses by permanently repealing the estate tax, or death tax. The current tax code puts family businesses, America’s main job creating engines, at a competitive disadvantage to publicly owned corporations. Comprehensive tax reform, as outlined in the framework, will correct this…continue reading →

150 organizations support repeal of the death tax as part of tax reform

Washington, DC: Today the Family Business Coalition sent a letter to Majority Leader Mitch McConnell, Speaker Paul Ryan, Chairman Orrin Hatch, and Chairman Kevin Brady, encouraging Congress to repeal the death tax as a component of comprehensive tax reform. 150 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter, which details the punitive nature of the tax. The coalition letter states in part: “The death tax is unfair. It makes no sense to require grieving families to pay a confiscatory tax on their loved one’s nest egg.…continue reading →

Over 700 Economists Call for Death Tax Repeal

727 economists including 4 Nobel Laureates cosign late Milton Friedman’s Open Letter Washington: Today, the late Milton Friedman’s open letter calling for full repeal of the federal estate tax was reissued with the signatures of over 727 economists from some of the world’s top institutions, including four Nobel Laureates (Milton Friedman, 1976; Edward Prescott, 2004; Vernon Smith, 2002; Oliver Williamson, 2009). Friedman’s open letter, first published 16 years ago with the support of 277 economists, makes a common-sense case for eliminating the federal estate tax (more commonly referred to as the death tax…continue reading →

FBC submits comments to protect family businesses and farms from IRS overreach

Last Friday, after reviewing all 105 final, temporary, and proposed Treasury regulations issued from January 2016 through April 2017, the Treasury Department identified eight burdensome regulations for which it will propose reforms as required by President Trump’s April 25th Executive Order 13789. One of the regulations addressed by the review were the proposed Section 2704 Estate, Gift, and Generation-skipping Transfer Taxes changes initiated by former Treasury Secretary Jack Lew. The move drew backlash from small business and advocates nationwide. This regulation would increase the number of family businesses and farms subject to the federal…continue reading →

FBC reiterates call to withdraw proposed Section 2704 regulations

Today FBC sent a letter to Secretary Mnuchin reiterating our request for the Treasury Department to withdraw the proposed Section 2704 estate and gift tax regulations along with our coalition letter signed by 119 organizations. We are continuing to push for withdrawal of the proposed regs to provide certainty for family businesses. The letter is available below and here:continue reading →

133 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act

Washington, DC: Today the Family Business Coalition sent a letter to Senator John Thune (R-SD) and Congresswoman Kristi Noem (R-SD) supporting their introduction of the Death Tax Repeal Act of 2017. 133 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter in support the legislation. The coalition letter states in part, “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.” Palmer Schoening,…continue reading →