Leaders of privately-owned and family-owned businesses met with Congressional members this week to press for recognition of their concerns on potential federal tax policy changes.
The meetings were arranged by Financial Executives International (FEI) and were the first for the Privately-Held and Family-Owned Business Congressional Caucus. The FEI said its members are concerned they are being omitted from the debate over tax reform. The organization represents 15,000 senior financial executives from private and public companies.
"Family-owned and privately-held businesses are essential job creators and necessary building blocks of our economic recovery," FEI President Marie Hollein saidt. "Unfortunately, thus far, tax reform proposals have focused mostly on large public companies, while the [Obama] Administration has suggested that family and private businesses manipulate the tax code. We are here to set the record straight."
The Business Congressional Caucus is the first official caucus of the House of Representatives aimed at giving a voice to privately-held and family-owned businesses.
Among the concerns of the group are the uncertainty in the U.S. tax code as it impacts private companies. The group said it wants to avoid significant Pension Benefit Guarantee Corporation premium increases and wants to preserve the existing tax treatment of employer-provided retirement plans.
The business leaders met with Congressional leaders from both parties and members of the Obama Administration to voice their concerns.
--Karen DeMasters