-- The House Committee on Small Business held a hearing on Capitol Hill on the pros and cons of new tax policies and in the process heard directly from family-owned business leaders, including Renfro Foods’ Becky Renfro-Borbolla, a member of Family Enterprise USA.
The televised small business committee hearing was titled “Lower Taxes, Stronger Main Street: The Benefits of the Working Family Tax Cuts.”
Congressman Roger Williams (R-TX), Chairman of the House Committee on Small Business, gaveled in the meeting which featured four witnesses, including Renfro-Borbolla, Senior Vice President, Renfro Foods, Ft. Worth, Texas.
The other witnesses were Garrett Watson, Director of Policy Analysis, Tax Foundation Traci Tapani, Co-President and Owner, Wyoming Machine, Inc., and Michael Negron, Senior Fellow for Economic Opportunity, Center for American Progress.
Family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce, according to research.
Each witness made opening statements, with Renfro-Borbolla detailing how her third-generation salsa and sauce business has “always had family central” to its operations and how it’s “deeply rooted in our community.”
Renfro Foods recently lost a key family member and in her testimony she emphasized the damage high Estate Taxes, or the Death Tax, and its costly burdens can damage family-owned businesses like Renfro Foods.
“With the uncertainty of shifting tax policies and with the high cost of estate planning family businesses are always worried about having to sell the business to pay the taxes upon a death,” Renfro-Borbolla said during the hearing. “We shouldn’t have to pay taxes on top of taxes when there is a death, we’d love to see the Death Tax go away.”
In her opening statement, she said that family-owned businesses like Renfro Foods pay higher wages and offer better benefits than similar traditional corporations and “we have many generational employees,” that is, employees who are not family members but have worked for the company over many of their own generations.
To hear full testimony and transcript of the hearing, click here.
About Family Enterprise USA
Family Enterprise USA promotes family-owned business creation, growth, viability, and sustainability through education and advocacy for family businesses, and their lifetime of hard work, with Congress in Washington, D.C. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions, and industries of family-owned businesses and multi-generational employers. It is a bipartisan 501.c3 organization.
Contact Info:
Name: Bob Chew
Email: Send Email
Organization: Family Enterprise USA and Family Enterprise USA Action
Address: 712 H Street NE Suite 1330, Washington DC, United States
Phone: 310-383-0528
Website: https://familyenterpriseusa.com/
Video URL: https://www.youtube.com/watch?v=yJRdo_U-ExE
Release ID: 89189514
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