An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
On July 3, 2024, United States District Court Judge Ada Brown ruled against the Federal Trade Commission (FTC) and issued a preliminary injunction postponing the implementation of the agency’s controversial rule banning noncompete clauses. The decision, in Ryan vs. Federal Trade Commission, is incredibly narrow, only applying to the named parties in the lawsuit. The injunction will stand as the Texas-based court considers the remainder of the case, with a final decision expected on or before Aug. 30, 2024. The prospect of a nationwide injunction or a vacatur of the rule is not out of the conversation and could still issue with the final decision.
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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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