Legislation

Tax cuts protect small and family businesses

Last fall, the Florida Chamber of Commerce publicly supported tax reform, and the positive impact it would have on the state.

Chamber leadership noted that since 2010, more than 1.4 million Florida jobs were created as a result of $7 billion in pro-growth tax cuts. In December 2017, President Trump officially signed the Tax Cuts and Jobs Act into legislation and opportunity now abounds.

Now, businesses have the added capital to continue to invest in our country and their employees.

Three million employees have already been awarded unexpected bonuses. As such, Congress should make permanent these cuts to capitalize on this momentum, protecting small and family businesses in perpetuity.

Family businesses are a cornerstone of Florida’s economy. In Miami, more than 14,000 local small businesses generate more than $30 million annually in revenue.

Family businesses sponsor local Little League teams and provide vital relief for natural disasters. In addition, they are responsible for 60 to 80 percent of all net new jobs in the last decade.

Additional positive returns have been generated by recent tax reform.

New exemptions have cut down on the number of families subjected to the Estate (or death) Tax by 65 percent, according to the joint committee on taxation.

However, the death tax in particular will return to its’ 2017 level and perhaps worse in 2025, without further Congressional action.

This tax destroys jobs by targeting family-owned businesses. Continued progress against this burdensome tax is one tangible way our leaders can assure further growth.

Let’s keep the economy growing and provide predictability for America’s main job creating engines — family-owned and operated businesses.

Palmer Schoening,

chairman,

Family Business Coalition,

Washington, D.C.


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