New Congressional Family Business Caucus Helps Focus Attention on Annual Family Business National Survey

 

Family Enterprise USA’s Annual Survey Gets Added Boost from Formation of Bi-Partisan Congressional Caucus Focused on Family Business

  

Each year, Family Enterprise USA asks America’s family businesses how they feel about the economy, their businesses, and issues, but this year a new Congressional Family Business Caucus is adding a fresh spotlight to the soon to be released results.

When Family Enterprise USA announces its national findings on how well family business of all sizes are doing, the Family Enterprise USA 2023 Annual Family Business Survey now has a new platform to distribute those results: the Congressional Family Business Caucus.

Last month, Representatives Jodey Arrington (R-TX), 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. Additionally, a second Democratic co-lead will be announced shortly.

The Congressional Family Business Caucus 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.

The news is giving a boost and a new spotlight to family businesses in general, which make up some 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.

Last year, the survey found the biggest worries were talent retention and new taxes, with some concern about inflation.

This year’s survey, launched this month, is expected to have over 400 respondents, representing a cross section of America’s core industries.

“Increased taxes and the rapid growth of inflation are likely going to be the critical factors coming out of this year’s survey,” said Pat Soldano, President, Family Enterprise USA and its sister organization, the Policy and Taxation Group. Both organizations advocate for family businesses and are based in Washington D.C. and are caucus supporters.

“With this new Congressional caucus, family businesses will now be more in the spotlight and will have the focused support of our leaders in Congress,” said Soldano. “As this new survey points out key issues that need to be addressed, we can take our survey findings to these Capitol Hill leaders and show them the real need for help in these highlighted areas,” she said. “The survey will point out family business pain points and how we need to address them. We look forward to working with the caucus on the many issues facing this country and our family businesses.”

The Family Enterprise USA Annual Family Business Survey is expected to be completed in late February. Results are expected to be announced in March 2023.

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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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