New Family Enterprise USA Video on Taxes Depicts Painful Decisions Multi-Generation Family Businesses Make Upon Leader’s Death
Video Series, ‘Unsung Heroes’, Tackles Struggles and Triumphs Family Businesses Face Daily, including Hurtful Government Policies, Taxes, and Succession
The hard decisions multi-generational family businesses must make on the death of their founders come to life in a new video, “Unsung Heroes: Struggles and Triumphs of Family Businesses,” presented by Family Enterprise USA.
The video series tackles critical subject areas affecting America’s largest employer, family businesses, and is hosted by Pat Soldano, President, Family Enterprise USA and Policy and Taxation Group.
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The second video in the series, entitled “On Taxes,” features a half-dozen multi-generational family business owners expressing their personal views on how taxes, particularly the Estate Tax, or Death Tax, can devastate the business and family forever, often leading to the closure or sale of the business.
The first video in the series, launched last month, focused on the key role family businesses play in providing charitable giving to communities. Future videos will tackle such subjects as the environment, barriers to success, employees, and workforce development.
“This video provides real-life examples of how America’s family businesses feel about crippling taxes and the long-term stress they put on our country’s number one private employer, family business,” said Soldano about the latest episode. “The Estate Tax, or Death Tax, is the number one existential issue multi-generational family businesses face,” Soldano said. “It takes enormous planning and cost to prepare a business and family for this inevitability and our legislators don’t really understand the long-term impact of preparing for the tax and paying the tax,” she said.
The episode also shows family business leaders discussing their views on personal income taxes, the income tax disadvantages of pass-through entities versus large corporations, as well as step-up-in basis valuation issues.
The series is based on over 16 interviews with multi-generational family business leaders from across the country and over a wide range of industries, from real estate to roofing and forestry to chemicals.
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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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