Bipartisan Support Sees 35 Members Sign on to Growing Congressional Family Business Caucus
House Legislators Voice Support for Family Businesses, America’s Largest Private Employer; Caucus Educates Capitol Hill Leaders on Key Issues Facing Family Business
In bipartisan support, the House of Representatives has voted strongly in favor of America’s largest private employer, family businesses, as 35 members of Congress sign onto the new Congressional Family Business Caucus.
The bipartisan Congressional Family Business Caucus , with a mission to educate legislators on the importance and strength of America’s family businesses, has seen its House supporter ranks growing to 35 in less than one year.
The Congressional Family Business Caucus, formed late last year, has held three meetings to date in the U.S. Capitol. Its next meeting is slated for March 12, 2024. The four co-chairs of the bipartisan Caucus are Jodey Arrington (R-TX), Rep. Brad Schneider (D-IL), Rep. Claudia Tenney (R-NY), and Rep. Henry Cuellar (D-TX) . The caucus was officially announced in December, 2022.
Family businesses are the largest private employers in the country, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce, and contributes $7.7 trillion in GDP annually to the economy, according to research.
The caucus’ mission is to raise awareness on the importance of family businesses to the economy and to address critical issues facing family businesses, from unfair taxation to workplace development to penalizing regulations.
“We’re glad to see so many of our Congressional leaders coming together so fast in a bipartisan way to support family businesses , both large and small,” said Pat Soldano, President, Family Enterprise USA and the Policy and Taxation Group, both bipartisan advocates for family business. “Family businesses now have a voice in Congress, and we see this voice growing stronger in 2024, as we look to reach fifty or more representatives signing on to this important caucus,” she said. “Family business is big business, and family businesses have unique challenges corporations do not face, particularly when it comes to taxation.”
The new members are signing up from across the country, from Georgia to Maine, West Virginia to Minnesota, and from New York to Nebraska. In addition, many of those House members signing on understand the challenges of family businesses, as many come from multi-generational family enterprises themselves.
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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 Family Enterprise USA 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. The issues we fight for or against with Congress in Washington DC include 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 gift tax , estate tax and generation skipping tax .
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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