Fall Congressional Family Business Caucus Meeting Set With Focus on Family Enterprise Structure, Expiring Taxes

Aug 23, 2024 | Estate Taxes, Family Business Caucus, Family Businesses, Generationally Owned Business, Taxes

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Fall Congressional Family Business Caucus Meeting Set for Sept. 18 With Focus on Family Enterprise Structure, Expiring Taxes

 

 

Capitol’s Longworth Building Meeting Plans to Feature Caucus Co-Chairs, such as Brad Schneider (D-Ill), a Panel of Family Business and Family Offices Executives Will Speak on Pressing Issues Facing Family Businesses

 

 
The bi-partisan Congressional Family Business Caucus will hold its third, and last, meeting of the year on Sept. 18, with a focus on family enterprise structure, expiring tax legislation, and other critical issues facing America’s family businesses.
 
 
The Sept. 18 Caucus meeting will be held in the Longworth Building on Capitol Hill and will run from 4PM to 5PM, with a reception following from 5PM to 6PM. The meeting is open to invited guests and the public.
 
 
The focus of the meeting is “Enterprise Structure,” dealing with the tax inequities of pass-through structured entities, of which over 80% of family businesses are organized. In addition, discussions will also focus on the tax issues surrounding Tax Cuts and Jobs Act, expiring at the end of 2025.
 
 
The bipartisan Congressional Family Business Caucus, which has 50 House members, often features several of the four co-chairs, which are Rep. Brad Schneider (D-Ill), Henry Cuellar (D-TX), Rep. Claudia Tenney’s (R-NY), and Rep. Jodey Arrington (R-TX).
 
 
During the September 18 meeting a panel of multi-generational family business leaders, family office executives, and family center directors will discuss key issues affecting their businesses and clients, such as entity structure, expiring tax cuts, and other needs of family businesses.
 
 
Family Business Panel Discussion
 
 
During the Caucus meeting, there will be a panel discussion on enterprise structures, taxes, and other issues.
 
 
The presenting panel members include: Dawn Grove, Vice President, Corporate Counsel, Karsten Manufacturing; John Zaruka, Chairman of Wedgewood Weddings; Ben MacAskill, Chief Executive Officer, Awesome; Nassar Water, Chairman, Chief Executive Officer, Trophy Automotive Dealer Group; Daniel Fisher, Senior Vice President, Government and External Affairs, Associated Equipment Distributors; and Robert Mancuso, Chief Executive Officer, Capri Capitol.
 
 
The Caucus meetings are organized by Family Enterprise USA and are hosted by its President, Pat Soldano. Soldano is also President of the Policy and Taxation Group based here.
 
 
The Caucus’ goal is to educate Congress on the importance of family businesses to the U.S. economy, which contributes $7.7 trillion annually to the U.S. gross domestic product, according to research. Family businesses are the largest private employers in the country, accounting for 83.3 million jobs, or 59 percent of the country’s private workforce.
 
 
“Family business is big business,” said Soldano. “This Caucus helps get the word out about the inequities of pass-through family businesses and how tax legislation penalizes this structure versus corporate structures with vastly lower tax rates,” she said. “The Congressional Family Business Caucus is getting stronger with each meeting, and this is the only forum where we can voice family business concerns to our legislators. We look forward to seeing our family business leaders there on Sept. 18.”
 
 
For more information on the Caucus contact John Gugliada, Director of Family Business Engagement, Family Enterprise USA at: jgugliada@family-enterpriseusa.com.  Or contact John Marino, Director of Family Office Engagement, Policy and Taxation Group, jmarino@policyandtaxationgroup.com.

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