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House Members Young Kim, John McGuire, Rick Allen Join 47 Member Strong Congressional Family Business Caucus
Next Caucus Meeting Set for September 23 with Focus on Taxing Wealth, Assets, and Savings
The bipartisan Congressional Family Business Caucus saw three new House Members join its mission to support and advocate for America’s family-owned businesses.
The three new Members of Congress are Rep. Kim Young (R-CA), Rep. John McGuire (R-VA), and Rep. Rick Allen (R-GA). The total number of House Members signed on to the Caucus now totals 47, with 28 Republicans and 19 Democrats.
The Congressional Family Business Caucus is led by Co-Chairs Rep. Lou Correa (D-CA) and Rep. Claudia Tenney (R-NY).
The most recent Caucus was held June 9 in the historic old House Members’ dining room and saw in attendance Rep. Rich McCormick (R-GA), Rep. John McGuire (R-VA), Rep. Lou Correa (D-CA), and Rep. Kevin Hern (R-OK).
The meeting’s theme was “Fuel for Growth: Capital Solutions for Family Businesses” and dealt with key financial issues facing family businesses, including long-term capital strategies and access to capital for growth.
The next Caucus meeting will be held on September 23 on Capitol Hill with the focus on taxing wealth and assets, and the changing rules of success.
“We welcome our newest members, Representatives Young, McGuire, and Allen, to the bipartisan Congressional Family Business Caucus,” said Pat Soldano, President, Family Enterprise USA. “The Caucus is an important forum for our lawmakers to learn about and understand the unique challenges America’s family-owned businesses face in this challenging economy,” she said. “These Members of Congress understand what a powerful economic engine family-owned businesses are for our country, and they are helping us keep them strong and growing.”
America’s family businesses are the largest private employers in the country, accounting for 83.3 million jobs in some 32 million family businesses across the country, according to research. These businesses contribute $7.7 trillion annually to U.S. gross domestic product.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned 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.