Earlier today, Congressman Jodey Arrington (R-TX) and Congressman Henry Cuellar (D-TX) and Senator Tom Cotton (R-AR), on a bipartisan, bicameral basis, introduced the Estate Tax Rate Reduction Act of 2021. This legislation would reduce the estate, gift and generation skipping tax rate to 20-percent, while maintaining step-up in basis.
This important piece of legislation would also reduce the burden that the estate tax places on family-owned businesses and their employees. The unofficial legislative text and a summary of the legislation are attached, along with PATG’s press release on the bill’s introduction.
Thanks to a study commissioned earlier this year by FEUSA, we know that family-owned businesses across the country employ 83.3 million people or 59 percent of the workforce. Family-owned businesses also generate 54-percent of the GDP or $7.7 trillion, and this legislation will help them to continue to do so.
Please join us in commending Representatives Arrington and Cuellar and Senator Cotton for taking the lead on this important issue.
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.