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Family Business Under Attack; What Budget Reconciliation Includes - Pat Soldano

Please read below and tell your member of the House and Senate what you think!!!

You must do it now as a vote could happen soon. Protect your generationally owned family business and a lifetime of savings!

Proposals included in the House Reconciliation Package that could impact family-owned businesses.  Individual and business tax proposals of interest include, among others:

  1. 25-percent long-term capital gains tax rate
  2. 39.6-percent top ordinary income tax rate
  3. 3-percent surtax on income over $5 million
  4. Expanded application of the 3.8-percent net investment income tax
  5. Extended holding period (5 years up from 3 years) for carried-interest capital gains treatment
  6. Elimination of the 100-percent and 75-percent exclusion for sales of qualified business stock for those taxpayers with more than $400,000 in income
  7. Limiting the 20-percent pass-through deduction to $400,000 for individuals.

With regard to estate and gift tax policies, the House bill proposes to:

  1. Sunset the doubled estate tax exemption (currently $11.7 million per person) at the end of 2021 instead of at the end of 2025
  2. Restrict the application of valuation discounts to “non-business assets” for transfer tax purposes
  3. Require grantor trusts to be included in the grantor decedent’s taxable estate and treat transactions between grantor and grantor trusts as taxable transactions
  4. Increase the maximum special use valuation reduction to $11.7 million for qualified real property used in farming or a closely held business.

If your members of Congress do not hear from you, this could be your new normal!

Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.

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Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.