Let Your Voice be Heard by Congress; 5 Minute Survey
Senate Budget Committee Marks Up FY 2025 Budget Resolution: On Feb. 12, the Senate Budget Committee advanced a fiscal year (FY) 2025 budget resolution by a party-line vote of 11-10. The resolution includes the following spending instructions, mirrored for the corresponding House committees, that direct committees to report reconciliation legislation that would increase the federal deficit by up to the specified amount.
House Budget Committee Marks Up FY 2025 Budget Resolution: On Feb. 13, the House Budget Committee advanced a fiscal year (FY) 2025 budget resolution by a party-line vote of 21-16. The resolution includes the following spending instructions that direct committees to report reconciliation legislation that would increase the federal deficit by up to the specified amount from FY 2025 through FY 2034.
Thune, Feenstra Introduce Bill to Permanently Repeal Estate Tax: On Feb. 13, Senate Majority Leader John Thune (R-SD) reintroduced the Death Tax Repeal Act (S.587), which would permanently repeal the estate tax, commonly referred to as the “death tax.” In his press release, Leader Thune noted that the estate tax can often disproportionately affect family-owned businesses and farms, creating an undue tax burden. The bill has 45 cosponsors of the Senate Republican Conference, including Senate Finance Committee Chairman Mike Crapo (R-ID). Companion legislation (H.R. 1301) was introduced in the House by Rep. Randy Feenstra (R-IA) and has 175 cosponsors, including Democratic Reps. Sanford Bishop (D-GA), Don Davis (D-NC) and Dan Goldman (D-NY).
Trump Issues Memorandum with Plans to Impose ‘Reciprocal Tariffs’: On Feb. 13, President Trump signed a memorandum directing the secretary of commerce and U.S. trade representative (USTR) to review all tariffs imposed on U.S. exports as well as other non-tariff trade barriers that undermine U.S. market access abroad. The designated officials are directed to recommend a reciprocal duty amount or other measure that should be applied to each country. The memorandum does not specify which tariff authorities could be used to impose reciprocal tariffs. Instead, it states that USTR and the Commerce Department “shall initiate, pursuant to their respective legal authorities, all necessary actions to investigate the harm to the United States from any non-reciprocal trade arrangements adopted by any trading partners.”
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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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