Capital Gains Tax Worries Rank High Among Family Business Leaders, New Poll Finds
Majority of Family-owned Business Executives Say Capital Gains Taxes Impacting Business
Though capital gains tax rates remain fixed today, most family-owned business executives still worry about how they will affect their businesses, according to a new poll by Family Enterprise USA.
The poll, conducted last month with cross section of family-owned business leaders, asked, “Are You Concerned About Capital Gains Tax Affecting Your Business?”
The results from the survey showed 61% of family business answered “Yes,” they are concerned.
The poll also found 19% said “No,” they were not concerned, while 20% were “Unsure” if capital gains tax rates affected them or not. The poll was conducted among 105 family-owned businesses across the U.S.
Progress Scale of Rates
The recently passed tax bill, H.R. 1, fixed long-term capital Gains tax rates at a progressive scale of between zero and 20%.
For single tax filers, any capital gain under $48,350 has no tax levied, while 15% is levied against gains between $48,351 and $533,400, and a 20% rate is levied against any gains over $533,400.
The poll results, one of several conducted by Family Enterprise USA throughout the year, helps family businesses raise awareness for damaging economic issues and policies, according to Pat Soldano, President of Family Enterprise USA and of Policy and Taxation Group, two organizations advocating on behalf of family-owned businesses and successful families throughout the U.S.
“It’s important Congress understands the many tax and economic policies that hurt, often unintentionally, family businesses of all sizes,” Soldano said about the survey. “This poll, and others we conduct during the year, helps gauge the concerns family businesses have over policies and helps us let Congress know the impact they have on their economic growth and investment.”
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned 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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