[\/et_pb_text][et_pb_text admin_label=”Content” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Increased Taxes for Individuals, Corporations, Capital Gains Still \u201cVery Much Alive,\u201d According to National Tax Experts<\/h2>\nSeveral key legislative proposals are on Congress\u2019 table in the next 60 days and many, if passed, will adversely affect families and family enterprises in America, according to tax experts.<\/h3>\n
The proposed bills, in both the US Senate and House of Representatives, are revenue generating remnants of the Build Back Better Act and are red-light issues for family enterprises, representing nearly 60 percent of the country\u2019s private workforce, according to Pat Soldano, president, Policy and Taxation Group, a non-profit group representing the interests of America\u2019s families, family offices, and family enterprises.<\/p>\n
These still active proposals, found in President Biden\u2019s \u201cGreen Book,\u201d which lists current proposed tax legislation, reiterates many of the same tax increases that were part of the proposed Build Back Better Act, including increases in corporate tax rates, individual tax rates, and capital gain tax rates.<\/p>\n
\u201cFamilies enterprises, family offices, and families in general need to be aware of these ongoing proposed tax increases, and other adverse policies, which are still very much alive and could become legislation if people do not speak up,\u201d said Soldano.<\/p>\n
Key danger points, according to Soldano, include the ongoing proposals to increase the corporate tax rate from the current 21 to 28 percent, and the individual rate for high earners from 37 to 39.6 percent. The capital gains rate increase is proposed to increase from 20 to 39.6 percent.<\/p>\n
[\/et_pb_text][et_pb_image src=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2022\/06\/pensive-senior-woman-counting-taxes-2021-09-24-04-01-46-utc-1000.jpg” title_text=”pensive-senior-woman-counting-taxes-2021-09-24-04-01-46-utc-1000″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text admin_label=”Content” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
\u201cThere are numerous pieces of proposed legislation that are aimed directly at hurting families and their businesses,\u201d said Russ Sullivan, a national tax policy expert and chair of the national tax policy group at Brownstein Hyatt Farber Schreck, Washington DC. \u201cAll family businesses need to understand how these damaging proposals would work and contact their congressional representatives.\u201d<\/p>\n
These additional adverse proposals include taxing certain carried interest as ordinary income, repealing like-kind exchanges, and dramatically expanding the estate tax.<\/p>\n
\u201cThese are damaging issues we\u2019re fighting every day,\u201d said Sullivan. \u201cBut they are often hidden in proposed bills and we need to be vigilant in knocking these down when they come up.\u201d<\/p>\n
Other active legislative issues that Policy and Taxation Group and its sister organization, Family Enterprise USA, are fighting against include stopping proposed limited use of donor funds, recapture of previously deducted depreciation, and the repeal of many fossil fuel tax incentives.<\/p>\n
\u201cLast year, we were successful in stopping many of the damaging actions in the Build Back Better Act, including no increases in the estate tax and capital gains tax,\u201d said Soldano. \u201cWe have new research that shows the depth and strength of America\u2019s family businesses, and what it means to keep them strong,\u201d she said. \u201cStriking down this kind of negative legislation is critical to keeping this sector healthy.\u201d<\/p>\n
In the recent Policy and Taxation Group and Family Enterprise USA survey, it was found family businesses in America consisted of 23.7 percent in manufacturing, 10.4 percent in construction\/facilities, and 9.75 percent in real estate. Research shows that family enterprises make up $7.7 trillion in annual GDP and represent 59% of the country\u2019s private workforce.<\/p>\n
For the full details of the \u201c2022 Annual Family Business Survey\u201d can be found at www.familyenterprise.com<\/a>.<\/p>\n [\/et_pb_text][et_pb_text disabled_on=”on|on|on” admin_label=”Credit” _builder_version=”4.17.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/themadisongroup.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” disabled=”on” global_colors_info=”{}”]<\/p>\n About The Madison Group<\/strong> [\/et_pb_text][et_pb_divider disabled_on=”on|on|on” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/2022-annual-family-business-survey\/” button_text=”Do You Have 5 Minutes To Help Your Multi-Generational Business?” button_alignment=”center” disabled_on=”on|on|on” admin_label=”Call to Action Button” _builder_version=”4.16″ _module_preset=”default” custom_button=”on” disabled=”on” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][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_text admin_label=”FEUSA Statement” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_colors_info=”{}”]<\/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_text admin_label=”Become a member text” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” 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 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 FEUSA 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.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” admin_label=”Call to Action Button” _builder_version=”4.17.0″ _module_preset=”default” custom_button=”on” global_colors_info=”{}”][\/et_pb_button][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=CpXRbRBhPKc” _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”Hash tags & Tags” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyBusiness #Business #SmallBiz #EstateTax #Deathtax #CapitalGainsTax #StepUpInBasis #Taxes #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #promotefamilybusinesses #taxLegislation #AdvocatingForFamilyBusinesses #incometax #Generationallyowned #Multigenerationalbusiness<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Thank you to the Orange County Business Journal for publishing this article.Increased Taxes for Individuals, Corporations, Capital Gains Still \u201cVery Much Alive,\u201d According to National Tax Experts Several key legislative proposals are on Congress\u2019 table in the next 60 days and many, if passed, will adversely affect families and family enterprises in America, according to […]<\/p>\n","protected":false},"author":2,"featured_media":5510,"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":[48,3,92,78,76,36],"tags":[],"class_list":["post-5507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5507","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=5507"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5507\/revisions"}],"predecessor-version":[{"id":5516,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/5507\/revisions\/5516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/5510"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5507"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5507"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5507"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2022\/05\/MG-Over-50-years-of-Making-Legacies-Happen.jpg\" "\\"\\"")
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The Madison Group is one of the largest independent financial firms in the U.S. dedicated to comprehensive wealth preservation since 1968. We specialize in providing affluent families, business owners and executives with unique, tax-efficient wealth transfer and business continuity strategies. We value solutions that have simplicity at their heart and are manageable across generations.<\/p>\n
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