Bipartisan Group of Congressional Members Launch New Congressional Family Business Caucus Focused on Concerns of America’s Largest Private Employer, Family-Owned Businesses
Family Enterprise USA Applauds, Supports New Family-Focused Caucus
Today, Representatives Jodey Arrington (R-TX), Tom O’Halleran (D-AZ), Claudia Tenney (R-NY), and Brad Schneider (D-IL) launched the bipartisan Congressional Family Business Caucus, the first congressional caucus focused solely on the critical issues facing generationally-owned family businesses of all sizes and industries across the United States.
The Congressional Family Business Caucus, the four bipartisan congressional sponsors have announced, will meet regularly and will connect members of Congress with America’s family businesses in Washington, D.C. and in their districts and home states.
Caucus membership is open to all members of Congress seeking to learn more about generational owned family business issues, which affect 59 percent of the nation’s private workforce, or 83.3 million workers. There are 32.4 million family businesses in the U.S, representing $7.7 trillion in annual GDP.
“America’s family-owned businesses are the foundation of our economy, responsible for more than half of the country’s employment and accounting for 78% of new job creation,” said Congressmen Arrington in announcing the new caucus. “Unfortunately, business owners and entrepreneurs face numerous challenges from high inflation to labor shortages, to burdensome tax policies and regulations,” he said. “I am proud to co-lead the Congressional Family Business Caucus to promote policies that will help family-owned businesses – including our farmers, ranchers, and energy producers – thrive for generations to come.”
The Congressional Family Business Caucus is bipartisan and will focus on helping family businesses across the country, including small enterprises, multi-generational family businesses, and large family businesses.
“Family businesses and farms are the lifeblood of our upstate New York economy,” said Congresswomen Tenney about the new group. “As a longtime small business owner of my family’s printing and manufacturing company, I am honored to launch and co-chair the first-ever Congressional Family Business Caucus,” she said. “Small businesses and family farms drive our economy – they invest in our local communities and provide good-paying jobs and opportunities for New York families. This caucus will ensure that family businesses have a voice in Congress and a seat at the table. I am honored to co-lead this vitally important caucus that will be focused on driving the conversation in Washington and delivering real policy results.”
Several organizations, including Family Enterprise USA and the Policy and Taxation Group, have been working with Capitol Hill leadership on the formation of this new family business-focused caucus and look forward to working with its members to raise awareness of the issues facing family businesses on Capitol Hill.
“With this new Congressional caucus, family businesses now have the focused support of our leaders in Congress,” said Pat Soldano, President, Family Enterprise USA, a supporter of the new caucus and an advocate for multi-generational family-owned businesses.
“We’ve been working for the growth of America’s family businesses for decades, but today our voice has greater power with the formation of this bipartisan Congressional caucus,” she said. “We applaud this development and look forward to working with the caucus to help bring the importance of family businesses front and center to the many issues facing this country.” Soldano is also President of the Policy and Taxation Group.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
Policy and Taxation Group is the leading information, education and advocacy organization working for the reduction and ultimate elimination of estate, gift, and generation skipping transfer taxes, and other taxes that punish hard work and success. Our Mission is to challenge hostile tax policies that meaningfully and measurably impact families and limit the ability of family businesses to remain family owned. We work with Congress in Washington DC against high Income Tax Rates, possible elimination of Valuation Discounts, increase in Capital Gains Tax, enactment of a Wealth Tax, and the continued burden of the Estate Tax (death tax), and the possible elimination of Step up in Basis.
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