Coalition Urges the Treasury to Expand Eligibility for COVID-19 Relief Funds

Washington, DC – Today, the Family Business Coalition (FBC) released a letter signed by 10 additional small business associations and advocacy groups urging the Trump Administration to expand eligibility for COVID-19 relief funds to a broader segment of the US economy. Co-signers include the Coalition of Franchisee Associations, American Values, Hispanic Leadership Fund, Center for Freedom and Prosperity, National Franchisee Association and more. Together, these groups advocate for millions of American jobs during this unprecedented time and beyond. Our nation is currently facing skyrocketing unemployment rates and many local economies are hanging on…continue reading →

A Wealth Tax is a Terrible Idea

By Josie Gallagher Throughout the first stage of the Democrats' nomination contest, Sens. Elizabeth Warren and Bernie Sanders seemed to be competing against one another for who can impose the most burdensome new taxes — or better yet, who can crash the U.S. economy quicker if elected. Both candidates promise to impose higher estate taxes, higher taxes on small businesses, and a new “wealth tax,” which the Tax Foundation's analysis shows would kill jobs and slow economic growth. Warren and Sanders agree that income inequality is an issue that must be addressed by…continue reading →

Ways and Means Committee Will Markup Proposed Extenders Package

This week, the House Ways and Means Committee will markup a recently proposed extenders package, “The Taxpayer Certainty and Disaster Relief Act.” This bill would revise the progress made in the Tax Cuts and Jobs Act (TCJA) by eliminating the doubled estate tax exemption level from $5.6 to $11.4 million. Under the proposed bill the estate tax would be returned to 2017 levels three years earlier than intended in the TCJA. The Family Business Coalition sent a letter signed by 151 groups to Chairman Neal and Ranking Member Brady, opposing lowering the exemption…continue reading →

The Trump Tax Cuts Accelerated Economic Growth

By Palmer Schoening Last month, millions of Americans filed their taxes for the first time under the Republican led Tax Cuts and Jobs Act (TCJA) that President Donald Trump signed into law around Christmas 2017. TCJA cut taxes for the vast majority of all Americans, though some Democrats in Congress along with many in the media dubbed this a “middle-class tax hike,” and a handout to the “one percent.” The fake news regarding tax cuts started well before the bill’s passage and continues to this day. Take what then-House Minority Leader Nancy Pelosi…continue reading →

Liz Warren Would Hike Taxes On Family Businesses To Inflate The Next Housing Crisis

Sen. Elizabeth Warren is the latest presidential candidate to propose a massive increase in the death tax to finance government policies that have failed in the past. Warren’s Senate Bill 787, the “American Housing and Economic Mobility Act,” would resurrect several housing policies that many economists agree accelerated the housing crisis and compromised the financial future of thousands of American family business owners and their employees. Warren’s goal is admirable in seeking to make it easier for Americans to rent or own homes, but the means she would use to achieve this end are…continue reading →

IRS Announces Higher 2019 Estate And Gift Tax Limits

By: Ashlea Ebeling The Internal Revenue Service announced today the official estate and gift tax limits for 2019: The estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. That means an individual can leave $11.4 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $22.8 million. The annual gift exclusion amount remains the same at $15,000. For the ultra rich, these numbers represent planning opportunities. For everybody else, they serve as a reminder: Even if…continue reading →

FBC Supports H.R. 6329, The Family Business Legacy Act

Today the Family Business Coalition led a letter signed by 16 organizations supporting Congresswoman Noem's Small Business Legacy Act, HR. 6329. The bill unifies the tax treatment of contributions to non-profit organizations for the estate and gift tax. In 2015, the PATH Act clarified that gifts to certain non-profit organizations do not count against a taxpayer's gift tax exemption. The Small Business Legacy Act extends the same tax treatment of gifts to transfers at death. Politico Morning Tax ran a story on Wednesday highlighting FBC's support of the bill. "FIRST LOOK: The Family…continue reading →

May Jobs Report Shows A Resurgent Economy – Good News for Family Businesses and Employees

Confidence in the American economy is continuing to rise as employers continue to hire workers and increase wages. Today’s release of the May jobs report revealed that the unemployment rate fell to 3.8 percent, tying a low only reached once before in the last five decades. Since the beginning of the year, the economy has averaged 207,000 new jobs per month, a faster pace than in the previous two years. In May alone, 223,000 new jobs were added to the economy. All major unemployment measures are in decline, including the U-6 rate that…continue reading →

Infrastructure Week offers opportunity for rural family businesses through TV white spaces

Infrastructure week provides an opportunity for lawmakers and business to come together to focus on policies that will help employers, employees, and industry as a whole. With economic prosperity being the goal of the administration, small businesses will continue to be the beneficiaries of the administration’s largely business-friendly posture. While much of the infrastructure focus has been on energy, roads, and air traffic control, we believe that one infrastructure change that will have a significant impact on family businesses in rural states is the development and deployment of rural broadband. Broadband access was…continue reading →
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