Pat Soldano (President, Family Enterprise USA) opened the call by welcoming supporters and participants. Pat thanked those on the call who are supporters of Family Enterprise USA (FEUSA) and Policy and Taxation Group (PATG) and encouraged other participants to join and support the organizations.
Pat also highlighted that 7 trade associations have joined as members of FEUSA including American Trucking Association (ATA), the Associated Equipment Distributors (AED), Energy Marketers of America (EMA), the National Funeral Directors Association (NFDA), The Fertilizer Institute (TFI), the Air Conditioning Contractors of America (ACCA), and the National Automatic Merchandising Association (NAMA), accounting for over 80,000 new members of FEUSA.
We first heard from Rodney Emery (Squire Patton Boggs) who provided a preview of the 2024 elections and the political and legislative landscape. Rodney opened by summarizing recent events including the June 27 presidential debate, the assassination attempt against former President Trump, the Republican National Convention, the selection of Senator J.D. Vance (R-OH) as former President Trump’s running mate, and President Biden’s decision to step down from the Democratic ticket. Rodney noted that Vice President Kamala Harris is now the presumptive Democratic nominee and discussed the ongoing selection process for the Democratic vice-presidential nominee between Governors Andy Beshear (D-KY), Roy Cooper (D-NC), and Josh Shapiro (D-PA), and Senator Mark Kelly (D-AZ). Rodney noted that presidential race presents a significant contrast between former President Trump and Vice President Harris, who will each attempt to recreate their electoral coalitions from 2016 and 2020, respectively. Rodney also noted that Republicans are likely to take control of the Senate, while Democrats are likely to take control of the House, but significant uncertainty remains over the final election outcome.
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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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