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 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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