Financial Executives International Issues Statement on Impact of Tax Increases on Privately Held and Family Owned Businesses
MORRISTOWN, N.J., Nov. 14, 2012 /PRNewswire/ -- Financial Executives International (FEI), the preeminent association for financial executives, issued today the following statement:
"While recognizing the need to address America's fiscal situation, Financial Executives International cannot currently support any tax increases on privately-held and family-owned businesses. A majority of FEI's 15,000 members represent pass-through entities, meaning that their companies are structured in a way that allows for business income to pass through to their owners' individual tax returns. If rates on this income are allowed to increase, private companies will be negatively impacted on a potentially devastating scale. The expiration of the 2001/2003 tax rates, the estate tax, as well as rate increases on capital gains and dividends could have a detrimental effect on the very companies that serve as America's economic backbone.
FEI and its membership continue to support comprehensive tax reform in the 113th Congress and remain optimistic that both Republicans and Democrats can work side-by-side to find a fair and balanced approach to America's fiscal problems."
-Marie Hollein, President and CEO of Financial Executives International
Financial Executives International is the leading advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences and publications. Members participate in the activities of 86 chapters, 74 in the U.S., 11 in Canada and one in Japan. FEI is headquartered in Morristown, N.J., with additional offices in Washington, D.C., and Toronto. Visit www.financialexecutives.org for more information.
SOURCE Financial Executives International