Family Enterprise USA, Policy and Taxation Group Holds Quarterly Members and Supporters Webcast with Pollster Frank Luntz
Insights On Current Political Landscape, Presidential Election Offered Along with Updates on Congressional Family Business Caucus
Family Enterprise USA and the Policy and Taxation Group held its quarterly member and supporter webcast where attendees heard from Dr. Frank Luntz and legislative experts on the current legislative landscape, 2024 Presidential election, and updates on the Congressional Family Business Caucus.
The webcast, hosted by Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, was attended by members and supporters of the two groups, including family businesses, family offices and centers, and successful individuals.
Pollster and political strategist Luntz, founder of Luntz Global, highlighted the results of his recent survey, which identified Republican and Democrat values, including the importance of the word freedom. Luntz also discussed how the Estate Tax related to the freedom to work and freedom to live.
In addition, Luntz also answered questions on 2024 Presidential Election and recent negotiations over the federal debt limit. He noted that while bipartisanship shown in the debt limit agreement increases Congress’s credibility among voters, “it also increases public frustration towards the governing process.”
Another presenter, Jeffrey Nowill, Legislative Director and Senior Counsel to Rep. Stacey Plaskett (D-VI), discussed recent bipartisan efforts to increase the federal debt limit, as well as on bipartisan legislation approved by the House Financial Services Committee.
Nowill stressed a divided Congress can address issues impacting families and family-owned businesses. He also provided a preview of tax and economic legislation introduced June 9, which he said, “would include pro-business and pro-family provisions, such as changes to research and development expensing and bonus depreciation rules.”
During the meeting, Brandon Roman, lawyer at Squire Patton Boggs, provided an update on the Congressional Family Business Caucus. The Caucus, he said, has grown to nearly two dozen members, in part due to direct outreach from supporters, underscoring the importance of constituent outreach and engagement in growing the Caucus.
Roman also shared that Senator Jacky Rosen (D-NV) had expressed interest in co-chairing the Caucus in the Senate with Senator Susan Collins (R-ME). He then provided an overview of upcoming Caucus initiatives, including a potential Caucus letter urging congressional leadership to consider the impact of public policies on family businesses as it develops legislation.
Finally, Russ Sullivan, partner at the law firm Brownstein, provided an overview of the negotiations to increase the federal debt limit, noting the final bipartisan compromise negotiated by President Biden and House Speaker Kevin McCarthy (R-CA) did not include tax changes.
Sullivan confirmed House Republicans are expected to move forward soon with their tax and economic growth package, which is aimed at supporting families, farmers, and small businesses.
The package, Sullivan said, could address several major tax policy issues, including research and development expensing, the business interest expense deduction, and an expansion of the standard deduction, among other provisions. In addition, Sullivan discussed potential pay-fors, such as repealing Inflation Reduction Act energy tax credits and changes to the State and Local Tax (SALT) deduction cap.
During the webcast, Soldano reminded participants that Family Enterprise USA and Policy and Taxation Group will host their annual meeting on September 20, 2023, in Washington, D.C.
The annual meeting will feature an event hosted in coordination with the Congressional Family Business Caucus. Soldano encouraged participants to attend the annual meeting and urged participants to ask their Members of Congress to join the Caucus.
“This third meeting continues to set the stage for educating Congress members on the importance of family businesses to our economy,” Soldano said. “But now, there is an urgency for more members to get involved so they understand the full scope of family businesses in this country,” said Soldano.
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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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