[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Make Your Voice Heard on Capitol Hill” button_url=”https:\/\/www.congressweb.com\/PTG\/12\/” url_new_window=”on” button_text=”Contact your members of Congress now and ask them to stand with family businesses by joining the Caucus.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.6″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=Ox_P74IeSxU” disabled_on=”off|off|off” _builder_version=”4.27.9″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”1″ _builder_version=”4.27.9″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
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On November 3, California voters rejected Proposition 40, \u201cThe Billionaire Tax,\u201d a one-time 5% tax on those individuals with a net worth over $1 billion.<\/p>\n
It\u2019s a great victory for family-owned businesses, hardworking families, and family offices, but the wealth tax battle is now urgently moving to other states and to the halls of Congress.<\/p>\n
In a Newsweek article published last week, one of the authors of the proposition, Emmanuel Saez, predicted \u201cwealth tax proposals would surface in other states and be \u2018front and center\u2019 in the 2028 Democratic presidential primary.\u201d<\/p>\n
Our advocacy helped ensure Prop 40\u2019s defeat by raising serious questions about the long-term economic impact of wealth taxes. Wealth taxes will not stop with billionaires but will eventually reach every successful family business.\u00a0 We utilized our research from earlier this year to address the key messages that move voters on this issue. And we packaged this messaging across multiple platforms to help move support from near 60% at the beginning of the year to defeat by election day.<\/p>\n
California wasn’t the only state where wealth was on the ballot this year.\u00a0 The states of Colorado and Washington also had important Wealth Tax measures on their ballots.<\/p>\n
Click State<\/b> Wealth Tax Results<\/b><\/a> to see how wealth and income measures fared on state ballots across the country on election night.<\/p>\n For more details and information on Federal Wealth Tax Measures go to our: Federal<\/b> Wealth Tax Tracker.<\/b><\/a><\/p>\n Our research earlier this year clearly identified voter sentiment can be changed by providing reasoned arguments. The forces that created California\u2019s Prop 40 continue to be powerful. The message that success should be penalized is resonating, so it\u2019s incumbent on us to tell our stories, the positive impact you are making in your community, and the negative impact that savings penalty taxes would have if enacted.<\/p>\n Even though the defeat of Prop 40 will give pause to other efforts to tax success, we know the sentiment in Washington, DC, to pass some form of a wealth tax will continue.<\/p>\n With control of both the House and Senate changing hands in January, the next Congress will bring new leadership, new committee chairs and new tax priorities.\u00a0 Stay tuned.\u00a0 We\u2019ll be sharing insights in the coming weeks on what family-owned businesses can expect from the next Congress.<\/p>\n We need your help now, more than ever, to tell the compelling stories of family businesses and the hard-working, successful families behind them, so that law makers understand what is at stake.<\/p>\n By educating lawmakers about the illiquid nature of family businesses and family offices, the ripple effect of taxing assets rather than income, and the incredible positive impact business-owning families have in their communities, we aim to protect the backbone of the American economy and the fabric of communities in which they operate.<\/p>\n If you aren\u2019t already a Member of FEUSA, or a Supporter of FEUSA Action, consider joining us today to advocate on your behalf Washington, D.C.<\/a><\/span><\/p>\n Your advocates in Washington, D.C.<\/p>\n Tim Schultz, Chief Executive Officer<\/strong> Pat Soldano, President<\/strong> [\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”on|on|on” admin_label=”Hash tags & Tags” _builder_version=”4.27.6″ _module_preset=”default” disabled=”on” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Victory for California\u2019s Family-Owned Businesses: Proposition 40 Defeated! Help Us Defeat Other State and Federal Wealth Tax Measures On November 3, California voters rejected Proposition 40, \u201cThe Billionaire Tax,\u201d a one-time 5% tax on those individuals with a net worth over $1 billion. It\u2019s a great victory for family-owned businesses, hardworking families, and […]<\/p>\n","protected":false},"author":2,"featured_media":18763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,93,92,119,115],"tags":[],"class_list":["post-18757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-policy-and-taxation-group","category-multi-generational-business","category-hardworking-families","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18757"}],"version-history":[{"count":7,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18757\/revisions"}],"predecessor-version":[{"id":18767,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18757\/revisions\/18767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/18763"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Make Your Voice Heard! Help Keep America\u2019s Family-Owned Business Strong and Growing. Join Us Now by Clicking Here: <\/b>Support Family-Owned Businesses.<\/b>\u00a0 You Can Make a Difference!<\/b><\/a><\/span><\/h4>\n
THE FIGHT CONTINUES<\/b><\/h4>\n
Family Enterprise USA Action & Family Enterprise USA<\/em><\/p>\n
Family Enterprise USA Action & Family Enterprise USA<\/em><\/p>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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