Prime Highlights-
- Women owned businesses generate 2.7 trillion dollars in revenue nationwide.
- Congressional Family Business Caucus grows to 47 bipartisan House members.
Key Facts-
- The meeting hosted 18 women business owners at Global’s headquarters.
- Kim proposes lowering the estate tax rate from 40 to 20 percent.
Background-
Representative Young Kim addressed members of the Women’s Business Owners Group on a wide range of legislative issues, including last year’s reconciliation tax bill, estate taxes, China’s growing dominance, artificial intelligence, and the expanding Congressional Family Business Caucus.
The meeting took place at the headquarters of Global, a 1st Flagship Company, and was hosted by the company’s President, Sherri Bovino. Bovino opened the session by introducing Kim and asking each of the 18 attendees to share a brief overview of their businesses along with their key legislative concerns.
Family Enterprise USA and its President, Pat Soldano, founded the Group as a coalition focused on the unique challenges facing women owned businesses. Women owned businesses employ more than 12.2 million people nationwide and make up nearly 40 percent of all United States businesses, totaling over 14 million enterprises and generating 2.7 trillion dollars in revenue, according to Wells Fargo research.
Kim gave attendees an inside look at pending and current legislation, highlighting benefits from last year’s One Big Beautiful Bill Act for women owned businesses. Following her remarks, the Group held a roundtable discussion covering tax and economic issues.
Soldano also updated attendees on the recent Congressional Family Business Caucus meeting held in Washington on June 9, themed around capital solutions for family owned businesses. The bipartisan caucus now counts 47 House members, including Kim, with Representative Claudia Tenney and Representative Lou Correa serving as co-chairs.
Kim discussed the Estate Tax Rate Reduction Act, noting the current top estate tax rate stands at 40 percent. She said she plans to speak with the bill’s sponsor, Representative Jodey Arrington, about lowering the rate on estates, gifts and generation skipping transfers to 20 percent.
She also addressed growing discussion around wealth taxes, expressing concern about the cumulative tax burden facing multiple generations of family business owners.
