A good piece that highlights a growing concern that needs to be addressed globally.
Quite simply, governments around the world need to ensure that there is good clarity of understanding of the family business model and the need to meet the needs of such an integral part of society.
Governments take note and ensure that policies and procedures are put in place to help family firms continue to make a significant global contribution.
This piece specifically relates to the USA but how many other countries should take heed of a similar message?
In 1789 Benjamin Franklin wrote that “in this world nothing can be said to be certain, except death and taxes.” In 1916 Congress passed the estate tax, juxtaposing these two certainties. One hundred years later, the Internal Revenue Service is attempting to apply the full force of the estate tax to small businesses bequeathed to family members. Now taxes will be the death of many family-owned businesses.