An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.

Family Enterprise USA Applauds Passage of Bipartisan Legislation Supporting Family-Owned Businesses

  

Earlier today, the House Ways and Means Committee advanced the Tax Relief for American Families and Workers Act, the first step to reinstate and expand several tax incentives critical for multigenerational businesses and their employees. Family Enterprise USA (FEUSA) President Pat Soldano issued the following statement:

 

Family Enterprise USA (FEUSA) commends Chairman Jason Smith and the members of the Ways and Means Committee for approving the Tax Relief for American Families and Workers Act and urges Congress to expedite the bill’s passage. At a time of great economic uncertainty, the legislation would provide crucial tax relief and much-needed certainty to family-owned businesses and their generations of employees. The bill would restore much-needed incentives for businesses of all sizes, including greater interest deductibility and immediate expensing of investments in equipment and heavy machinery, as well as domestic research and development (R&D) costs through 2025.

The bill would also provide permanent relief for small family enterprises by simplifying reporting requirements for businesses that use subcontract labor and increasing the cap on small-business equipment expensing. Further incentives for working families would increase the refundable portion of the child tax credit and index its value for inflation through 2025.

Family-owned businesses join FEUSA in applauding Congress for pursuing legislation to support the 83.3 million people employed by multigenerational enterprises. These businesses generate 54 percent of private-sector GDP ($7.7 trillion), and this legislation would help them continue to drive widespread economic prosperity.

House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden have crafted a significant package of pro-growth tax provisions benefitting family-owned businesses of all sizes with operations across the nation. FEUSA and its members urge the House and Senate to take up the bill as soon as possible to ensure family businesses can leverage this vital relief when filing their taxes in the coming months.

FEUSA Applauds Passage of Bipartisan Legislation Supporting Family-Owned Businesses

About Brownstein Hyatt Farber Schreck
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.

The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.


Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.

Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.


#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness  @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax