New Family Enterprise USA Pulse Survey Shows Top 3 Tax Policies Family Businesses are Concerned about Going in 2025
No Increases in Income and Estate Tax Rates Top List, but Wealth Tax Worries Loom
WASHINGTON, DC, UNITED STATES, January 4, 2025 /EINPresswire.com/ -- A new post-election, year-end spot survey of family businesses across America found the two top tax worries remain increases to personal income taxes and increases to the current estate tax.
The survey, The Family Business Pulse Survey, was conducted among 109 family business leaders in 40 states to identify their greatest tax concerns as the Tax Cuts and Jobs Act heads toward expiration and Congress pulls together its new tax bill for 2025.
The survey was conducted by Family Enterprise USA, advocates for multi-generationally owned family businesses.
The business poll asked family businesses what their greatest tax concerns are going into 2025, including increases in tax rates, restoring research and development expensing, and if they would speak on the record to legislators on Capitol Hill about their concerns.
The results showed the following percentage rankings for the top tax concerns by family business respondents.
No Increases in Personal Taxes
The survey found two top concerns among family businesses were “No Increase in the Income Tax Rate,” which received 35% of survey votes. In an earlier 2024 study, worries over increases in personal tax family business leaders garnered just 25% of votes.
In second position, family business leaders said that “No decrease in Estate Tax Lifetime Exemption” was their next greatest concern, receiving 25% of votes.
When it came to “No Increase in Capital Gains Tax Rate,” 15% respondents felt this was a top tax concern, while “Establishment of a Wealth tax” received 13% as a top priority, a worry that continues to rise.
The survey also found the priority to “Keep 199A Deduction for Pass Through Entity” concerned only 9% of family business respondents, while “Restoring R & D Expensing” received 3% of the vote.
Lastly, when asked the question about “Restoring Bonus Depreciation,” just 1% of family businesses replied that this was a top priority.
The survey also found that family business leaders are eager to speak with Members of Congress about issues affecting them
When asked, “Will You Speak with a Member of Congress, if Asked,” 80% of respondents said “Yes,” while 20% said “No.”
But when asked if they would allow Congress Members to use “Your Family Business Story on Video?” the response was more divided. Some 52% said “No,” they would not tell their story on video for Congressional use, while nearly 48% said “Yes,” they would allow their story to be told via video.
The study also revealed family business data on planning for estate taxes, family business revenues, industry and employee data, and trade association involvement.
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.
“Our newest survey shows an increased worry over increases in personal taxes and there are increased concerns over a tax bill friendly to family businesses,” said Pat Soldano, President, Family Enterprise USA and Policy and Taxation group, both advocates for family business and survey sponsor. “These results are important for our legislators to understand as the new tax bill is being written,” Soldano said. “We hope to get family business stories and concerns out to Congress so they will factor these messages into the bill.”
The survey was conducted in November and December. Full results can be found at: www.familyenterpriseusa.com.
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.
Bob Chew
Family Enterprise USA
+1 310-383-0528
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