Make Your Voice Heard on Capitol Hill
The debate on whether California’s Proposition 40, “The Billionaire Tax,” will backfire gets a deep dive review in Family Enterprise USA’s latest podcast episode of “Family Business Briefs.”
The episode, part of a regular series of “deep dive” podcasts on critical tax and economic issues facing family-owned businesses and the families that operate them, debates whether Prop 40, if voted in, will lose billions of tax revenue for the state, or gain tax revenue.
The episode and series can be found at: Family Enterprise USA Deep Dive Podcasts.
With the assistance of AI and its impartial AI guides, Ted and Jen, listeners receive an easy-to-follow conversation on the pros and cons of this potential new penalty savings tax on the state’s most successful citizens.
The debate centers on the “quick fix” nature of the tax to fill “a massive budget hole” in healthcare funding or if it will “create an even bigger $25 billion” tax deficit, as family businesses flee the state.
According to research, America’s family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.
“Part of our mission is to educate our lawmakers, influencers, and voters on the issues facing our family-owned businesses,” said Tim Schultz, Chief Executive Officer, Family Enterprise USA, which advocates for family-owned businesses, and is based here. “This series offers a neutral platform to debate key issues family businesses and the families that own them deal with every day. Right now, California’s Proposition 40 is one of the most critical issues facing the state, and the country. It’s important we understand its potential long-term ramifications on hardworking, taxpaying families and their family businesses.”
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned 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.