[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”22px|||||” global_colors_info=”{}”][et_pb_row admin_label=”CTA” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Act Now: Survey Ends Soon – Be Heard” button_url=”https:\/\/familyenterpriseusa.com\/2026-annual-family-business-survey\/?utm_campaign=2026AFOBS&utm_medium=CTA&utm_source=FEUSActa&utm_content=FEUSActa&utm_id=2026AFOBS” button_text=”This is your moment – help drive change for family-owned businesses before time runs out.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.6″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_5,3_5,1_5″ admin_label=”Author Byline” _builder_version=”4.24.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.brownandstreza.com\/davidkeligian” link_option_url_new_window=”on” collapsed=”on” global_colors_info=”{}”][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image src=”https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2024\/05\/Team-members-Pat-S.jpg” title_text=”Patricia M. Soldano” _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”3_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Author” _builder_version=”4.25.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n
By Patricia M. Soldano<\/a> [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=IN4WzYU4Bmk” disabled_on=”on|on|on” _builder_version=”4.27.6″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”1″ _builder_version=”4.27.6″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n <\/p>\n <\/p>\n Some issues can be bipartisan on Capitol Hill. It\u2019s especially good news when it\u2019s about family-owned businesses.<\/p>\n This month, two House of Representatives members, Rep. Lou Correa, a Democrat from Southern California, and Rep. Claudia Tenney, a Republican representing Upstate New York constituents, became the new co-chairs of the bipartisan Congressional Family Business Caucus.<\/p>\n This year\u2019s first Caucus meeting, the first of three where Caucus members, including its new bipartisan co-chairs, joined with leaders from family-owned businesses and family business experts in the Capitol Building\u2019s Visitor Center.<\/p>\n The meeting\u2019s theme was \u201cPricing and Profits: Affordability Strategies for Family-Owned Businesses.\u201d Attendees heard presentations on new family business research, insights from family businesses, legislative and tax experts, and members of Congress.<\/p>\n If you don\u2019t know the Congressional Family Business Caucus, its mission is to educate and inform legislators on the importance of family-owned businesses to the economy. According to research, America\u2019s family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product, accounting for 83.3 million jobs, or 59 percent of the country\u2019s private workforce.<\/p>\n Rep. Tenney, a past co-chair of the Caucus, has represented New York\u2019s upstate districts 24 and 22 since being elected in 2016. Tenney knows about family-owned businesses. She\u2019s an attorney and was the co-owner and legal counsel to Mid-York Press, Inc., a commercial printing and manufacturing firm started by her grandfather in 1946<\/p>\n \u201cFamily-owned businesses are the backbone of communities across the country, creating jobs, supporting local economies, and carrying on traditions that span generations,\u201d she said in announcing her co-chair position. \u201cAs someone who helped run my family\u2019s business, I understand the unique challenges these businesses face, from rising costs and workforce pressures to complex regulations and tax policy,\u201d she said.<\/p>\n Rep. Correa, also a past member of the Caucus, represents California\u2019s 46th congressional district in Southern California\u2019s Orange County, with the major cities being Anaheim and Santa Ana.<\/p>\n Correa serves on the Committee on Homeland Security and is also keenly aware of the needs of family businesses. Prior to politics, Correa was an investment banker, a real estate broker, and a college instructor.<\/p>\n \u201cOur economy is driven by family businesses whose owners and employees are usually our neighbors,\u201d he said announcing his co-chair role. \u201cMy parents worked hard to give me the opportunity to reach the middle class and starting a family business provides the same possibility to millions of Americans,\u201d he added.<\/p>\n Caucus attendees heard from Rep. Tenney and from Caucus member Rep. Dina Titus (D-NV), and they received legislative and political updates by the law and government affairs firm Brownstein. Brownstein experts emphasized the new state and federal wealth tax measures facing family-owned businesses and successful families, as well as housing affordability and wage growth.<\/p>\n They also heard from communications expert and political analyst Dr. Frank Luntz on the increased polarization in the country on the merits of democracy versus capitalism. He also predicted the coming year will continue to see \u201ca war on wealth.\u201d<\/p>\n A panel discussion on affordability consisted of Steve Wells, Co-Founder of American Food and Vending; Matt Nielsen, Shareholder, Nielsen-Massey Vanillas; Eddie Russnow, President, Mac Products, Inc.; Aiysha Johnson, Chief Executive Officer for New Jersey Society of CPA\u2019s; and from David White, President, Superior Paving.<\/p>\n The speakers brought their Main Street views on tackling affordability, including lowering energy costs, creating better efficiencies in operations, inventory, and marketing, and understanding baseline costs.<\/p>\n \u201cToday, you need to understand the major consumer trends since COVID,\u201d said Wells, about his food service business. \u201cWeight loss drugs, people eating less, and the fact people will now spend more to eat less are major factors in our business.\u201d<\/p>\n Nielsen of Nielsen-Massey Vanilla focus was on going to market.<\/p>\n \u201cWe\u2019ve always been a high-margin, premium product, but now we\u2019re looking at lower price points using product reformulations,\u201d he said.<\/p>\n Russnow of MAC brought in the issue of timing and negotiating better terms.<\/p>\n \u201cEvery day we now look at balancing the timing of purchases and negotiating better payment terms,\u201d he said.<\/p>\n Aiysha Johnson, leader of New Jersey\u2019s Society of CPAs, said \u201ckey areas to improve affordability are in technology and operations.\u201d She added that technology can also \u201csee savings in marketing and inventory\u201d costs.<\/p>\n Paving company head David White believes the key to affordability is to know \u201cbase line costs\u201d first.<\/p>\n \u201cMost businesses fail because they do not know their baseline costs,\u201d he said. \u201cBut also, in our business safety is key to reducing costs, we save a lot of money by making sure our workers get home safely.\u201d<\/p>\n In addition, prior to meetings with House Members in their districts, attendees heard from Sean Aylward, Managing Director of Ernst & Young LLP\u2019s Private Tax and Family Enterprise Business Services, on the \u201cfour core strategies\u201d needed for multigenerational business success.<\/p>\n We\u2019re grateful to see bipartisanship has not dead in Washington, D.C. We\u2019re also grateful that the two new Caucus co-chairs, Rep. Tenney and Rep. Correa, are intimately familiar with the struggles and unique challenges faced by family-owned businesses versus traditional corporations.<\/p>\n The next Capitol Hill Congressional Family Business Caucus meetings are scheduled for June 6 and September 23.<\/p>\n \u2018Wealth Tax\u2019 Fever Grows<\/p>\n Momentum for \u201cMillionaire Wealth Taxes\u201d continues around legislatures, both state and federal.<\/p>\n A new example comes from Sen. Chris Van Hollen (D-MD) who just proposed a plan to eliminate federal income taxes for workers earning at or below a \u201cliving wage\u201d (about $46,000 for single filers and $92,000 for married couples). The catch is the plan would offset the resulting revenue loss by imposing a new surtax of 5% on income above $1 million, 10% above $2 million and 12% above $5 million.<\/p>\n Sen. Bernie Sanders\u2019 (I-VT) also has a new federal wealth tax proposal, imposing an annual 5% tax on the net value of a taxpayer\u2019s assets exceeding $1 billion.<\/p>\n Collateral damage is also coming from the looming wealth tax ballot measure in California, which is losing of some of its biggest stars, according to news reports.<\/p>\n A Hoover Institute study found at least six billionaires (including the two Google founders and Steven Spielberg) have left the Golden State before the start of the year, perhaps to avoid the proposed California Billionaire Tax Act.<\/p>\n The ballot initiative, if it gets the signatures, will be voted on later this year. If voters vote yes, it creates a 5% wealth tax on billionaires after January 1, 2026.<\/p>\n If passed, it\u2019s expected a $100 billion windfall for the California treasury, but at a great loss of some of the state\u2019s greatest job and income generators, many of which are family-owned businesses and started in the Golden State.<\/p>\n <\/p>\n [\/et_pb_text][et_pb_divider divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider divider_style=”dotted” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 1″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”5963″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=3k9d1tFz5AU&t=22s” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=kG0lDKbmJxg” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=HFK8SG1VSco” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=Z15BqbFOYck” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=bsn5xYrxhJg” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=PL3K3rK7ioA&t=5s” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=CpXRbRBhPKc” _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.27.4″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" By Patricia M. Soldano President Family Enterprise USABipartisanship Still Lives on Capitol Hill as Congressional Family Business Caucus Finds its Co-Chairs in Rep. Correa and Rep. Tenney Co-Chairs Vow to Support Policies that Help Family-Owned Businesses; Wealth Tax Mania Continues at Both State and Federal Levels Some issues can be bipartisan on Capitol […]<\/p>\n","protected":false},"author":2,"featured_media":16837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,102,3,92,94],"tags":[],"class_list":["post-16835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-family-business-caucus","category-feusa","category-multi-generational-business","category-pat-soldano"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16835"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16835\/revisions"}],"predecessor-version":[{"id":16841,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16835\/revisions\/16841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16837"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>President<\/em>
\nFamily Enterprise USA<\/p>\nBipartisanship Still Lives on Capitol Hill as Congressional Family Business Caucus Finds its Co-Chairs in Rep. Correa and Rep. Tenney<\/strong><\/h2>\n
Co-Chairs Vow to Support Policies that Help Family-Owned Businesses; Wealth Tax Mania Continues at Both State and Federal Levels<\/strong><\/em><\/h3>\n
We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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