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 →

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 →

FBC submits comments to protect family businesses and farms from IRS overreach

Last Friday, after reviewing all 105 final, temporary, and proposed Treasury regulations issued from January 2016 through April 2017, the Treasury Department identified eight burdensome regulations for which it will propose reforms as required by President Trump’s April 25th Executive Order 13789. One of the regulations addressed by the review were the proposed Section 2704 Estate, Gift, and Generation-skipping Transfer Taxes changes initiated by former Treasury Secretary Jack Lew. The move drew backlash from small business and advocates nationwide. This regulation would increase the number of family businesses and farms subject to the federal…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 →

FBC Celebrates Death Tax Wins In D.C. and Minnesota

The Family Business Coalition enjoyed two victories last week in the tireless fight to protect the engine of the American economy. The wins came in Washington D.C. and St. Paul, Minnesota.  On Tuesday, the D.C. City Council voted decisively in a 9-4 vote against an amendment that would have forced more district businesses into paying the city's death tax. The amendment sought to freeze the current district estate tax exemption at $2 million rather than raising the exemption to match the $5.49 million federal exemption level. The Family Business Coalition sent a letter to the D.C.…continue reading →