FBC Supports H.R. 6329, The Family Business Legacy Act

Today the Family Business Coalition led a letter signed by 16 organizations supporting Congresswoman Noem's Small Business Legacy Act, HR. 6329. The bill unifies the tax treatment of contributions to non-profit organizations for the estate and gift tax. In 2015, the PATH Act clarified that gifts to certain non-profit organizations do not count against a taxpayer's gift tax exemption. The Small Business Legacy Act extends the same tax treatment of gifts to transfers at death. Politico Morning Tax ran a story on Wednesday highlighting FBC's support of the bill. "FIRST LOOK: The Family…continue reading →

May Jobs Report Shows A Resurgent Economy – Good News for Family Businesses and Employees

Confidence in the American economy is continuing to rise as employers continue to hire workers and increase wages. Today’s release of the May jobs report revealed that the unemployment rate fell to 3.8 percent, tying a low only reached once before in the last five decades. Since the beginning of the year, the economy has averaged 207,000 new jobs per month, a faster pace than in the previous two years. In May alone, 223,000 new jobs were added to the economy. All major unemployment measures are in decline, including the U-6 rate that…continue reading →

Infrastructure Week offers opportunity for rural family businesses through TV white spaces

Infrastructure week provides an opportunity for lawmakers and business to come together to focus on policies that will help employers, employees, and industry as a whole. With economic prosperity being the goal of the administration, small businesses will continue to be the beneficiaries of the administration’s largely business-friendly posture. While much of the infrastructure focus has been on energy, roads, and air traffic control, we believe that one infrastructure change that will have a significant impact on family businesses in rural states is the development and deployment of rural broadband. Broadband access was…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 →

Senate Passes Tax Cuts and Jobs Act, Doesn’t Kill The Death Tax

Late Friday night, the Senate joined the House in passing its tax reform framework, the Tax Cuts and Jobs Act, in a 51-49 vote. For decades, family businesses of all sizes have operated under an outdated and complicated tax code. The passage of the Senate tax reform bill is another step toward lasting reform that simplifies the tax system, reduces tax burdens on small businesses, and boosts income for workers. The Senate tax reform proposal remedies several significant shortcomings of the current code by reducing the corporate rate to 20 percent, lowering taxes…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 →

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 →