Tax Reform

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 →

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 →

The U.S. Small Business Administration has dubbed April 29th through May 5th “Small Business Week”, and while many commemorative “weeks” are celebrated each year, this one is particularly impactful for the Family Business Coalition. Small Business Week celebrates the 30 million entrepreneurs across the country that support the vast majority of American workers. While 60% of U.S. workers are employed by small businesses, the overwhelming number of those small businesses are family owned and operated. Family businesses are America’s economic engine, accounting for nearly 78% of all new job creation. Small businesses, including…continue reading →

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 →

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 →

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 →

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 →