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 →

FY18 Budget Resolution Passes Senate

WASHINGTON, D.C. – The Family Business Coalition was pleased to see the passage of the FY18 budget resolution, S.Con.Res.25. The 51-49 vote is a critical first step on the long road to tax reform that will benefit individual Americans and businesses large and small. With nearly every Democrat presumably voting against the President’s tax reform plan, the only viable path to success is through budget reconciliation. Earlier today, FBC President Palmer Schoening explained, “FBC believes that the Congressional Committees of jurisdiction will play a pivotal role in crafting the best possible tax reform bill. Unfortunately,…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 →

Over 700 Economists Call for Death Tax Repeal

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 →

Delaware Legislature Passes Death Tax Repeal Legislation, Awaiting Gov. Signature

Yesterday, family business owners in The Diamond State were happy to hear that the state Senate passed a bill, repealing Delaware’s estate tax. Despite the fact that estate tax repeal is a traditionally Republican priority, several Democrats crossed the political aisle to repeal the tax. For many business owners in Delaware, the relief couldn’t have come soon enough. Currently, Delaware’s estate tax exemption is set to match the federal exemption level of $5.49 million, however, for many inventory-heavy Delaware businesses, the additional state estate tax can have crippling economic effects. Often, business owners…continue reading →

Tax reform positive for agriculture

By Michelle Rook Today at 7:45 a.m. WASHINGTON, D.C. — United States taxpayers could see sweeping reform of the nation's tax policy if President Donald Trump and Congress can come together on a plan. The Trump administration recently released initial details of what they describe as one of the largest tax plan overhauls in history. However, the House Ways and Means Committee and the Senate are also working on legislation of their own. So far, the proposed plans all simplify the tax code and lower income tax rates for individuals and corporations. In fact,…continue reading →

133 Organizations Sign Coalition Letter Supporting Death Tax Repeal Act

Washington, DC: Today the Family Business Coalition sent a letter to Senator John Thune (R-SD) and Congresswoman Kristi Noem (R-SD) supporting their introduction of the Death Tax Repeal Act of 2017. 133 trade associations and advocacy organizations representing a wide range of America’s family businesses joined the letter in support the legislation. The coalition letter states in part, “The negative effects of the estate tax make permanent repeal the only solution for family businesses and farms. Your legislation will help America’s family businesses create jobs, expand operations, and grow the economy.” Palmer Schoening,…continue reading →

Will Trump Victory Yield Estate Tax Repeal?

By Ashlea Ebeling Estate tax foes have been waiting for a Republican president to make repeal happen, and now they have their chance with President-elect Donald Trump. “It will still be a heavy lift but not insurmountable as it has been with [President Barack] Obama in office,” says Palmer Schoening, head of the Family Business Coalition. “Trump made repealing the death tax a key tenet of his tax reform proposal, and we look forward to working with him to see it through.” Trump’s tax plan calls for repealing the estate tax, and imposing…continue reading →
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