Over 150 organizations join FBC letter supporting House bill

Last week, Representatives Randy Feenstra (R-IA) and Sanford Bishop (D-GA) introduced the Death Tax Repeal Act companion bill in the House with over 160 original cosponsors. See their press release here. This number of original cosponsors already eclipses the total cosponsors from last Congress. FBC is looking forward and gearing up for a major tax reform bill next year which will certainly address the estate tax. We will be continuing to promote both the House and Senate bills in order to build as much momentum as possible moving towards the next tax reform effort in 2025.  FBC reached a new high water mark this…continue reading →

Sen. Sanders introduces “For the 99.5 Act” targeting family businesses

Last week, Senator Sanders (D-VT) introduced the For the 99.5% Act. The legislation calls for raising the top death tax rate to 65 percent and increasing the number of family businesses hit by the death tax. The schedule for the proposed plan is below.  Estate Tax Rate Estate Tax Exemption Level 45% $3.5 million and $10 million 50% $10 million and $50 million 55% $50 million and $1 billion 65% $1 billion +  Many medium to large size family business owners competing with even larger corporations would be forced to fire workers and downsize facing such high tax rates when passing to the next…continue reading →

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 →

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 →

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 →