New Congressional Family Business Caucus Formed, Begins Work with First Meeting on February 28
American Farm Bureau, Winegrape Growers of America, National Restaurant Association Are Among Groups Added in Support of New Congressional Family Business Caucus
The newly formed, bipartisan Congressional Family Business Caucus kicks off its first meeting on Capitol Hill on February 28.
The Congressional Family Business Caucus will hold its first meeting and begin pursuing its mission of educating Members of Congress on the importance of America’s family businesses and connecting them with multi-generational family businesses in their districts and home states.
Representatives Jodey Arrington (R-TX), Brad Schneider (D-IL), Claudia Tenney (R-NY), and Henry Cuellar (D-TX) will serve as the caucus co-chairs. It is the first Congressional caucus focused solely on the critical issues facing generationally-owned family businesses of all sizes and industries across the United States.
A number of major associations are in full support of the new caucus, including American Farm Bureau, National Beer Wholesalers Association, National Federation of Independent Business, Winegrape Growers of America, and the National Restaurant Association, it was announced today. It was previously announced that the American Trucking Associations was also behind the caucus. The associations have pledged their full support for the new caucus, and several will attend the initial February 28 Capitol Hill meeting.
The Congressional Family Business Caucus 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, one of the co-chairs, about 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.”
Several association and 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 welcome its members, and supporting associations, to raise awareness of the issues facing family businesses on Capitol Hill.
The advantage of having a Congressional caucus is so family businesses have a voice in Congress, according to 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 this bipartisan Congressional Caucus,” she said. “We applaud this development and look forward to working with the Caucus, and associations, 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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