2021 FEUSA Family Business Survey Highlights Estate Tax As The #1 Economic Public Policy Priority Issue For Family Businesses
Washington DC, May 9, 2021: Family Enterprise USA, releases results of FEUSA 2021 Family Business Survey revealing that while Income Tax is the number one Tax Concern for family businesses, Estate Tax (Death Tx) is their number one Economic Public Policy Priority.
In line with the goal of supporting the growth of family businesses in the US, FEUSA conducts an annual survey of family businesses to reveal the challenges they face, the status of the businesses, how they plan for the future and how they can grow. In a related development, FEUSA recently published the results of their 2021 survey.
A total of 172 responses were collected for the survey, which was conducted between January 6, 2021, and March 31st, 2021, amid the Covid-19 pandemic. The survey aims to highlight the challenges faced by businesses, especially in the wake of the health crisis while also revealing how family-owned businesses across different industries faired even as the pandemic continues to ravage the US and other parts of the world.
“Family Businesses have struggled in 2020 and 2021 to survive the pandemic, but most kept people employed, supported their communities and protected employees by adopting remote working and providing benefits. While 58% had a decline in revenue in 2020, 85% expect to have an increase in 2021”, said Pat Soldano, President of FEUSA.
Major Highlights of the 2021 FEUSA Family Business Survey
The report stated that almost 82% of the respondents are CEO/President/Chairman or Senior Management in the family businesses, with 58% of them having annual revenues of over $10 million and 30% with $50 million or more. Other key takeaways of the survey are mentioned below:
- 35% have 50 to 500 employees and 17% have over 500 employees, with 52% of business owners believing they pay above-average wages and benefits to their employees.
- Almost 17% of business owners have been in business 100 years or more and 76% have been in business for more than 30 years.
- Business owner’s preference, for a solution to the estate tax (death tax), that in many cases prevents them growing their business is 1) make the current lifetime exemption permanent, 2) reduce the rate of tax to that of cap gains, 3) repeal the tax, 4) increase the exemption amount.
- Economic Policy issues are 1) the Estate tax (Death tax), 2) less government regulations, and 3) simplification of the tax code.
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.