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National Restaurant Association CEO Details How Restaurants Benefit from New Tax Bill in Latest Family Enterprise USA Podcast
Michelle Korsmo, National Restaurant Association Leader, Talks with Family Enterprise USA’s President Pat Soldano
The National Restaurant Association’s President and Chief Executive Officer, Michelle Korsmo, details how the country’s 800,000 restaurants are dealing with challenging economic times in a new “Voice of Family Business on Capitol Hill” podcasts from Family Enterprise USA.
In the 30-minute podcast, Family Enterprise USA’s President, and podcast host, Pat Soldano, talks with Korsmo about the benefits of the recently passed tax bill and what it means for family-owned restaurant owners and the millions of employees on their payroll.
“Restaurants are the cornerstones of local communities and at schools,” Korsmo says in the episode. “A restaurant is often a young person’s first place of employment, and the new tax bill helps not only the owners, but the chefs and servers who rely on tips,” she says.
Founded in 1919, the National Restaurant Association is based in Washington, D.C., and is the leading business association for the restaurant industry, with a total of more than 1 million restaurant and foodservice outlets and with a workforce of 15.7 million employees. The association is dedicated to serving every restaurant through advocacy, education, and food safety.
The new “One Big Beautiful Bill Act,” passed and signed earlier this summer, provides some two-million restaurant servers “no tax on tips” provision and “no tax on overtime” pay, Korsmo details in the episode.
“We’re thrilled that attention is being given to all the tip-based servers in our industry,” Korsmo says. “Recognizing their value to our industry is really important.”
Soldano and Korsmo address other benefits of the new tax bill for family-owned restaurant owners, including the benefit of immediate research, development, and equipment expensing, improved Estate Tax relief, and transitioning a family restaurant to the next generation.
“There are a lot of challenges and increased costs in the restaurant industry,” Korsmo says. “But restaurant people are the most optimistic group I’ve ever known.”
The podcast is available now on Spotify and other podcast platforms, as well as on Family Enterprise USA Podcasts.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned 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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