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 →

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 Celebrates Small Business Week 2018

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 →

House Passes the Tax Cuts and Jobs Act

Earlier today the House passed the Tax Cuts and Jobs Act, H.R. 1, paving the way for the permanent repeal of the estate tax and enacting several long-awaited, pro-business reforms to our tax code. Full repeal of the estate tax has been the primary goal of FBC since the organization was founded in 2012. Repeal legislation gained 218 cosponsors in both the 112th and 113th Congress and passed the House in 2015. Today, 150 of our partner organizations can celebrate estate tax repeal in comprehensive tax reform, which passed with a vote of…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 →

Death Tax Repeal Act Reaches 100 Cosponsors

Washington: Support is rapidly growing for one of the most pro-business tax reform bills in the 115th Congress, which just passed 100 bipartisan cosponsors. H.R. 631, the Death Tax Repeal Act of 2017 authored by U.S. Representative Kristi Noem (R-SD-AL) permanently repeals the federal estate tax and has received bipartisan support since its introduction in January.  Earlier this year, a group of 133 trade associations and advocacy organizations, representing a wide range of America’s family businesses joined a letter supporting the full repeal of the tax. The letter outlines the negative effects of…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 →