A Bipartisan Approach to Supporting Family Businesses
Recognizing how important family businesses are to the American economy by contributing significantly to job creation, innovation, and community development, both Republican and Democratic lawmakers have supported policies aimed at fostering the growth and success of family businesses.
Key Areas of Bipartisan Support
Tax Incentives:
Estate Tax: Both parties have historically supported measures to ease the burden of estate taxes on family businesses, recognizing the importance of keeping businesses within families.
Small Business Tax Deductions: Both parties have supported tax deductions and credits for small businesses, many of which are family-owned.
Access to Capital:
Small Business Loans: Both parties have supported programs that provide access to capital for small businesses, including family businesses.
Venture Capital and Private Equity: Creating a favorable regulatory environment for venture capital and private equity can benefit family businesses seeking growth capital.
Regulatory Reform:
Reducing Regulatory Burden: Both parties have recognized the importance of reducing unnecessary regulations on small businesses.
Streamlining Bureaucracy: Simplifying government regulations can save family businesses time and money.
Supporting Entrepreneurship:
Entrepreneurship Education: Both parties have supported initiatives to promote entrepreneurship and provide education and training to aspiring entrepreneurs.
Mentorship Programs: Connecting family business owners with experienced mentors can provide valuable guidance and support.
The Importance of Bipartisan Support
Bipartisan support for family businesses is essential for their long-term success. By working together, lawmakers can create a stable and supportive environment that encourages growth, innovation, and job creation.
The Academy of Family Business supports the advocacy work of Family Enterprise USA at the federal level. Family Enterprise USA plays a crucial role in advocating for the needs of family businesses. By working with policymakers on both sides of the aisle, they ensure that the voices of family business owners are heard and their concerns are addressed.
By understanding the bipartisan support for family businesses, owners and leaders can leverage these resources to strengthen their operations and secure a prosperous future for their enterprises.
To learn more about the Academy of Family Business, our curriculum and our coaches, please email us at: info@myAFB.org