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Take time to thank your member of Congress for all their work during the Budget Reconciliation process and the discussions involved with the Build Back Better Framework.
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We are very pleased to report, due to our many meetings and outreach, that six of the issues and concerns that are so important to families and their businesses were not included in the Framework and we hope they do not reappear in the final legislation to be voted on by the House and later conferenced with the Senate. These issues are:
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- Grantor Trusts: need to remain for family businesses as a vehicle to pass the business on to next generation of family business owners and operators, so that they can continue to support the employees and their families as well as the local community.
- Valuation Discounts: continue to allow families and their businesses to use appropriate valuation discounts, allowed for others, due to the lack of marketability and liquidity of the assets, and the structure in which the business and assets are held to pass them on to the next generation.
- Estate Tax Lifetime Exemption: do not reduce the current lifetime exemption from its current level that allows families and their business to keep employees working in the business, continued livelihood for the family and the community supported.
- IRA Limitations: continue to allow family businesses to hold the private stock of the business in an IRA to support them in their retirement.
- 199A Deduction for Qualified Business Income; allow family business the limited deduction they received in the last tax act as they still pay much higher rates of tax then public corporations.
- Income tax: In addition, recognize that family businesses pay taxes at ordinary income tax rates, 35%+ not 21% as public company’s pay and so it would be harmful to the business to have an increase in income tax.
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But the process continues so the fight is not over!! The House still needs to vote and then conference with the Senate to determine what will ultimately be voted on my both House and Senate; so issues can be PUT BACK IN! Keep the pressure on; the fight continues!
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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