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Common-Sense Bill to Reduce Federal Estate Tax Introduced by Rep. Arrington; Rate Cut by Half
Congressional Family Business Caucus Co-Chair Proposal Lauded by Generationally-owned Family Businesses, Entrepreneurs, Advocacy Groups
New Federal estate tax legislation has been introduced by House member Representative Jodey Arrington (R-TX) and if passed would offer relief from some of the most onerous tax rates levied by the government by cutting the Federal estate tax rate in half.
The bill, Estate Tax Rate Reduction Act (H.R. 7993), if approved, would reduce the Federal estate tax rate from 40 percent, the single highest rate in the U.S. Tax Code, to 20 percent. The Federal estate tax is imposed on the transfer of property, land, and other assets from a deceased family member to family heirs.
Family-owned business and successful individuals generate 54 percent of the U.S. GDP or $7.7 trillion, and, with 83.3 million employees, is the country’s largest private employer, according to research.
“This bill benefits multi-generational businesses, successful entrepreneurs, and clients of family offices across the nation, allowing them to invest more in expanding and creating jobs as well as continuing to support their communities,” said Pat Soldano, Founder and President, Policy and Taxation Group based here. “We thank Congressman Arrington and the other members of Congress, including the many members of the new Congressional Family Business Caucus, who support estate-tax relief for being the voices of reason,” she said. “We urge others to join them in this important fight.”
The bipartisan Policy and Taxation Group, along with its sister non-profit organization, Family Enterprise USA, is the voice of family-owned businesses and successful individuals and is focused exclusively on the tax and economic issues that impact them.
“It’s clear that Congressmen Arrington understands the economic burden that the estate tax imposes on family-owned businesses of all shapes and sizes,” said Soldano. “The estate tax is an unreasonably high double tax that often forces future generations of business owners to breakup their family businesses.”
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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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