Tax Reform

Family Business Coalition Statement – Tax Relief for Rural America

The Working Families Tax Cuts delivered historic tax relief for family businesses, farms, andranches across the country. By shielding the majority of family businesses from the destructivedeath tax, the law helps ensure that hardworking families can pass their businesses on to the nextgeneration of leadership. The increased estate tax exemption provides long-term certainty forfamily-owned operations that form the backbone of many local economies. By making theseprovisions permanent, the law also reduces the need for costly and time-consuming estateplanning, allowing business owners to focus their resources where they matter most: expandingtheir operations, innovating for…continue reading →

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 →

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 →

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 →

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 →

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 →