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Overall, Democrats blamed the current tax system for creating dramatic wealth inequality, focusing mostly on the preferential tax treatment of capital gains and what they view as a relatively minor tax burden placed on the wealthiest Americans. Additionally, Democrats championed the tax proposals included in President Biden’s American Families Plan, such as repealing step-up in basis and increasing the capital gains tax rate. As part of this discussion, one witness raised the potential of \u201ccarryover basis\u201d as a compromise approach. There was also discussion of the role of IRS enforcement in addressing wealth inequality, with the point being raised that lower-income taxpayers are audited at higher rates than higher-income \u2013 something the American Families Plan seeks to remedy.<\/p>\n
For their part, Republicans defended the Tax Cuts and Jobs Act and argued that is has been successful in driving economic growth. Generally, Republicans argued that the President’s proposals would hinder investments that lead to productivity and innovation.<\/p>\n
You can download and read a more in-depth summary of the hearing below, as well as PATG\u2019s statement, which has been submitted on our behalf by Congressman Jodey Arrington (R-TX) as part of the official hearing record. Note that data and research generated from FEUSA 2021 Annual Survey as well as FEUSA Economic Research work is included in the PATG submission.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.9.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2021\/05\/May-12-Ways-and-Means-Select-Revenue-Measures-Subcommittee-Hearing.pdf” url_new_window=”on” button_text=”Read Hearing’s Report” button_alignment=”center” admin_label=”Hearing report” _builder_version=”4.9.4″ _module_preset=”default” custom_button=”on” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2021\/05\/PATG-Submission-for-May12-House-Ways-and-Means-Hearing-on-Reforming-the-Tax-Codes-Advantageous-Treatment-of-the-Wealthy.pdf” url_new_window=”on” button_text=”PATG’s Statement” button_alignment=”center” admin_label=”Submissions” _builder_version=”4.9.4″ _module_preset=”default” custom_button=”on”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text admin_label=”FEUSA Statement” _builder_version=”4.8.2″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/”]<\/p>\n
Family Enterprise USA<\/a> 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.<\/a><\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” button_text=”Are you an FEUSA Member? If not, get in on the movement today!” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.9.3″ _module_preset=”default” custom_button=”on”][\/et_pb_button][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=HFK8SG1VSco” _builder_version=”4.9.4″ _module_preset=”default”][\/et_pb_video][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" On Wednesday, May 12, the House Ways & Means Select Revenue Measures Subcommittee held a hearing titled “Funding Our Nation’s Priorities: Reforming the Tax Code’s Advantageous Treatment of the Wealthy.” The following witnesses testified at the hearing: Adam Looney, Professor, Executive Director of the Marriner S. Eccles Institute for Economics and Quantitative Analysis, University of […]<\/p>\n","protected":false},"author":2,"featured_media":3361,"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":[43,48,3,78,76,36],"tags":[],"class_list":["post-3557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-family-businesses","category-feusa","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3557","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=3557"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3557\/revisions"}],"predecessor-version":[{"id":3569,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/3557\/revisions\/3569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/3361"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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