Pat Soldano (President, Family Enterprise USA) opened the call by welcoming participants. Pat thanked those who are supporters of Family Enterprise USA (FEUSA) and Policy and Taxation Group (PATG) and encouraged other participants to join and support the organizations.
We first heard from Milla Kasulke (Squire Patton Boggs) who provided an overview of the Trump Administration’s trade agenda. She highlighted that President Trump’s America First Trade Policy aims to promote domestic manufacturing, advance foreign policy objectives, and raise revenue with tariffs.
Milla differentiated between the universal reciprocal tariffs and the sector-specific 232 tariffs (such as those on aluminum and steel) and emphasized a growing number of downstream businesses having to navigate these regulations for the first time. She further explained that Trump is utilizing the International Emergency Economic Powers Act (IEEPA) to impose the reciprocal tariffs because the measure gives the President authority to move broadly and quickly while considering national security. She then discussed the Supreme Court case challenging the IEEPA tariffs, which she described as a “toss up.” Regarding how companies should navigate the coming decision, Milla urged family businesses to watch the matter closely and ensure their compliance teams are prepared. She emphasized that even if the Supreme Court strikes down the IEEPA tariffs, the White House has backup plans for how to continue its trade agenda. When asked about stability in the near future, Milla opined that the White House has heard complaints from businesses on this front and will likely attempt longer periods between announcement and implementation. Finally, she urged businesses to share their concerns with their congressional representatives.
Next, Russ Sullivan (Brownstein) moderated a panel discussion with Caren Street (Squire Patton Boggs) and Mark Warren (Brownstein) on the recent government shutdown. Caren summarized the stopgap package consisting of a continuing resolution (CR) through January 30, 2026, combined with a minibus appropriations bill funding the Legislative, Military Con-VA, and Agricultural accounts through September 2026. She mused that many House Democrats are frustrated with Senate Democrats for reopening the government, but will argue they won provisions to rehire federal workers while drawing attention to healthcare affordability issues. Mark argued that Republicans believe they won the debate because they maintained a united front and refused to extend Affordable Care Act subsidies in exchange for reopening the government. Both Mark and Caren were skeptical that Congress will be able to pass the remaining 9 appropriations bills by January 30th.
Jake Danegger, a legislative assistant of Sen. Barrasso (R-WY), then spoke about the status of the tax provisions implemented or made permanent in the tax reconciliation bill, H.R.1. Jake emphasized that the Treasury Department and the IRS are drafting guidance on these provisions, which has been slowed by the shutdown. Jake moved into discussing the potential for a second reconciliation bill, which could address healthcare and affordability issues. Finally, Jake turned to Sen. Wyden’s (D-OR) wealth tax bill, claiming that it was not yet an “imminent threat” given Republican control in Washington, but he urged family businesses to stay vigilant on the matter.
Finally, we heard from Dr. Frank Luntz, who provided an overview of the political landscape following the recent shutdown. He explained that the public has lost faith in both parties, but places greater blame on President Trump for the shutdown. Despite state redistricting efforts, Dr. Luntz is confident that Democrats will take control of the House of Representatives following the 2026 midterms elections in light of the results of the November 2025 elections. Lastly, Dr. Luntz explained that most Americans are in favor of a wealth tax given affordability issues today.
Pat closed the meeting by thanking members for their continued support and panelists for their insights.
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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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