An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
Early Look at 2024 Elections, Legislation with Former Capitol Hill Leaders Mark Begich and Jack Kingston in New Family Enterprise USA Podcast
With Host Pat Soldano, Former Senator Begich (D-Alaska) and House Representative Kingston (R-Georgia) Discuss Presidential, State Elections, Taxes as Voting Nears
In a new Family Enterprise USA podcast two Capitol Hill insiders, former Senator Mark Begich and former Congressman Jack Kingston, take a sharp look at the state of play in this year’s complex Presidential election cycle.
The podcast, airing now on Spotify and other podcast platforms, takes an insider’s view on what’s happening within the political structures of both parties, including their views on the inevitably Biden/Trump rematch, state elections, and on new and expiring tax legislation affecting family businesses.
Kingston, a former member of the House of Representatives from Georgia, is now a principal with the law firm Squire Patton Boggs. Begich, a former Democrat Senator from Alaska and former Mayor of Anchorage, is a strategic consulting advisor with the Brownstein law firm. Both are based in Washington, DC.
The podcast is part of a series focused on America’s multi-generational family businesses. The series is called, “The Voice of Family Business on Capitol Hill,” and is hosted by Pat Soldano, President of bipartisan Family Enterprise USA and Policy and Taxation Group, both advocacy groups for family businesses, clients of family offices, and successful individuals.
“Every week things shift in politics and in politics every week is a lifetime,” says Begich kicking off the discussion. “We have a lot of lifetimes before now and November.”
Soldano leads the political experts through the many twists and turns of this year’s elections, and what impact they will have on family businesses in 2025.
“Washington is a reflection of the electorate,” says Kingston. “The electorate is sending 535 members to Washington, so sometimes it’s easy to point fingers at Washington, but it’s really about those in the country voting for their views.”
Whether the Republicans or Democrats will win the House and Senate is also discussed in detail by the former legislators, including such factors as retirements, changing district maps, and incumbent advantages.
“I think the House will be positive for Democrats,” Begich tells Soldano. “But they are in trouble on the Senate side if the President is not re-elected.”
“The next two cycles are big challenges for the Republicans,” Kingston says. “I do think it’s a rough load right now for Democrats in the Senate with the retirement of Joe Manchin, that alone could change it.”
During the interview, Soldano asks both Begich and Kingston how the elections may affect tax policies and if continuing to educate Congressional leaders on the importance of family businesses will make a difference.
“A big chunk of employment, job creation, innovation, and local business is done by family business and yet they pay a much higher tax rate,” says Begich. “They are not the ones laying off five thousand or ten thousand workers, they are holding on to their employees, paying them well, and the tax policies are hurting them,” he says. “These family businesses are built from the ground up and Democrats need to be more educated about this issue.”
In Georgia, Kingston talks about the importance of getting involved in politics to make a difference.
“I always say that businesspeople need to get involved in politics,” he says. “Unions are out there, teachers are out there, lawyers are out there, but businesspeople are taking care of their businesses, but that gives you a political disadvantage,” he says. “I always say there are three C’s to politics, and that’s being a candidate, contributing to a candidate, or campaigning for a candidate.”
To hear both Begich and Kingston’s views on where the political election scene is right how hear the discussion on Spotify, and other major podcast platforms, such as Apple iTunes and TuneIn.
Subscribers will receive alerts as future shows are posted. To find it on Spotify go to: https://open.spotify.com/show/73pcpIL2NfPi11WG0FZdyX?si=xIww0QSoS_OHMdOeR9qXhw
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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