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 family businesses and farmers across the country.”
An April NPR/Ipsos poll showed a 76% of Americans support repeal of the death tax including 51% of Democrats. A 2012 study by the House Joint Economic Committee found that the death tax has destroyed over $1.1 trillion of capital in the US economy – loss of small business capital means fewer jobs and lower wages. The Tax Foundation estimates that death tax repeal will lead to the creation of 160,000 jobs. Permanent repeal of the estate tax is supported by more than 150 trade associations and advocacy groups representing family businesses across the country.
The Family Business Coalition is a diverse collection of organizations and industry groups united for the common purpose of protecting America’s family businesses across the country. FBC works to implement tax policies that help family businesses of all sizes create jobs and continue to the next generation.