No Estate Tax Decrease, No Increase in Income Tax Rate Are Top Issues

WASHINGTON, DC, UNITED STATES, October 16, 2024 /EINPresswire.com/ -- A new survey among family business owners has identified their greatest tax concerns as the Tax Cuts and Jobs Act heads toward expiration and Congress pulls together its new tax bill for 2025.

In a “spot poll” of 100 family-owned businesses in 33 states, the new Family Enterprise USA “Tax Policy Priorities Survey” asked family businesses what their greatest tax concerns are, from increases in income taxes, to no increases in estate taxes, to restoring research and development expensing.

The results showed the following percentage ranking for the top tax concerns by family business respondents.

Top Tax Concerns

The survey found two top concerns among family businesses.

The first was “No decrease in Estate Tax Lifetime Exemption,” which received 30% of votes from respondents.

In a close second place, family businesses want to see “No Increase in the Income Tax Rate,” which received 28% of votes.

When it came to “No Increase in Capital Gains Tax Rate,” 13% respondents felt this was a top tax concern, while “Establishment of a Wealth tax” received 11% as a top priority, a worry that is on the rise.

The survey also found the priority to “Keep 199A Deduction for Pass Through Entity” concerned only 10% of family business respondents, while “Restoring R & D Expensing” received 4% of the vote.

Lastly, when asked the question about “Restoring Bonus Depreciation,” just 3% of family businesses replied that this was a top priority.

“Nobody knows what Congress, or the new White House, will ultimately agree on when it comes to tax legislation, but family businesses are in unison on estate and personal tax worries,” said Pat Soldano, President, Family Enterprise USA and Policy and Taxation group, both advocates for family business.

“These results are important for our legislators to understand as the current tax bill expires and the new one is being written,” she said. “We hope to get these concerns out to Congress so they will factor these messages into the bill they’re creating next year.”

The survey was conducted in early September and results were presented at the recent Congressional Family Business Caucus here.

According to research, America’s multi-generational family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product and are the largest private employers in the country, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.

About Family Enterprise USA

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 bipartisan 501.c3 organization. www.familyenterpriseusa.com

Bob Chew
Family Enterprise USA
+1 310-383-0528
rzchew3@gmail.com
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