America is positioning itself for success in the future. The recent tax reform legislation has produced immediate positive results, most notably in generating big bonuses while also alleviating burdensome taxes. We can be optimistic about the future. As our President recently noted, America is open for business, and grateful of these new policies, American businesses are giving back. This news is especially true for American Family Businesses, and ipso facto, is greatly impactful for our nation. According to the Conway Center for Family Business (CCFB), “Family businesses account for 64 percent of U.S. gross domestic product, generate 62 percent of the country’s employment, and account for 78 percent of all new job creation.”
Palmer Schoening | All Articles
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Palmer Schoening is Chairman of the Family Business Coalition, a collection of small business associations united to protect family owned and operated businesses across the country. Palmer has been a key player in the fight to protect small businesses from higher taxation. He has succeeded in repealing state death taxes in Ohio, Indiana, Tennessee, North Carolina, Wisconsin, Georgia and New Jersey by establishing state based teams of business owners and organizing national business organizations. Palmer is a graduate of Hillsdale College and George Mason University’s School of Public Policy where he earned his Masters in financial economics.
Today’s release of the Senate tax reform plan is simply unfair to the many family-owned businesses and farms who provide jobs and prosperity for communities across the country. Its failure to repeal the death tax continues a 101-year-old tradition of penalizing success. Statistics show that repeal of this destructive tax – would represent a major leap forward in the economic prospects for the nation. Yet after the Senate decision to not include a repeal in their tax reform bill, it lingers, under myths and misconceptions of being a tax only on the rich. Well, that is simply untrue.
Family businesses are often the backbones of small towns. Besides providing necessary jobs and services, family businesses support their local communities through sponsorships like the little league baseball team and donations like helping to build a new children’s hospital. This dedication to community is the product of strong businesses that treat their employees like family, and collectively sacrifice when the economy is down. By contributing to society, family businesses help cities to thrive, but when city management hurts the future of a community, those same family businesses could be forced to abandon the towns they call home.