Proceeds to make family wear labels (7)
I believe the answer is:
takings
'proceeds' is the definition.
(synonyms)
'family wear labels' is the wordplay.
'family' becomes 'kin' (synonyms).
'wear' indicates putting letters inside (to wear something is to be covered up by it).
'labels' becomes 'tags' (tag is a kind of label).
'kin' inserted inside 'tags' is 'TAKINGS'.
'to make' acts as a link.
(Other definitions for takings that I've seen before include "gold received?" , "Income from transactions" , "What's in the till" , "Monetary receipts" , "Cash receipts" .)