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Family business owners want lower taxes, less regulation
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Family Enterprise USA’s 2020 survey shed light on factors that family business owners see as obstacles to growth.
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By Patricia M. Soldano, President Family Enterprise USA
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Legislators must know what is important to family business owners — what helps or hurts them when it comes to operating their businesses and creating more jobs. Laws affecting family businesses may be under consideration at any time. If family business owners do not express their concerns, the legislation that gets passed may not benefit their interests.
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For example, consider the Tax Cuts and Jobs Act, passed in 2017. While this legislation reduced the federal corporate income tax rate to 21%, it did little to help the many family-owned companies organized as “pass through” businesses such as Sub S corporations, limited liability companies (LLCs), limited partnerships or sole proprietorships. Owners of these businesses pay individual rather than corporate tax rates. Another example is the estate tax, which is paid by families but not by public companies.
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These examples highlight the importance of giving a voice to family businesses and their contribution to the expansion of the American economy. To determine what issues and challenges concern family businesses, Family Enterprise USA (FEUSA) conducts an annual survey each year and delivers that information to legislators, educators and others who need to be informed. These and other FEUSA efforts are aimed at preventing the passage of laws that could make it costlier and more difficult to operate a family business.
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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