The data is in! See what family owned businesses are saying about today’s challenges and opportunities.
On May 22, just before 7 am ET, the House of Representatives passed Republicans’ multi-trillion-dollar reconciliation package, the One Big Beautiful Bill Act (H.R. 1), by a vote of 215-214-1, with Reps. Warren Davidson (R-OH) and Thomas Massie (R-KY) joining all Democrats in opposition to the bill and Rep. Andy Harris (R-MD) voting present.
The early morning floor vote followed a successful procedural vote at 2:40 am ET and several hours of overnight debate on the bill. During debate, House Republicans argued the legislation would spur economic and wage growth and boost take-home pay for workers, while Democrats criticized the bill as a tax cut for billionaires that would reduce healthcare and nutrition benefits for families.
What’s Next? The Senate is now expected to consider its own tax and spending proposals in the coming weeks. Ultimately, key differences remain between House and Senate Republicans on several provisions, including the length of business and individual tax cuts and proposed changes to Inflation Reduction Act (IRA) tax credits and the state and local tax (SALT) deduction cap.
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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.
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