An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
Family Enterprise USA’s Pat Soldano Addresses Critical Tax Issues at Associated Equipment Distributors’ Annual Policy Conference in Washington, DC
AED’s Annual Policy Conference and Advocacy Day Spotlights Taxes, Workforce Issues, and Immigration Policies that Affect Family-owned Equipment Distributing Companies
Associated Equipment Distributors held its annual Policy Conference and Advocacy Day, with Family Enterprise USA’s President, Pat Soldano, speaking on a panel discussion addressing critical tax issues.
The three-day event held last month at the Willard Hotel was attended by the international trade association’s distributor members and focused on such critical issues as taxes, workforce issues, immigration policy, supply chain, and legislation.
The event also featured a bipartisan Congressional reception with nine representatives from a variety of House committees, including the House Transportation & Infrastructure Committee, House Agriculture Committee, and the House Ways & Means Committee.
Soldano spoke during the second day’s Tax and Regulatory Panel discussion, which also featured Brian Wild, Chief Government Relations Officers, National Association of Wholesaler-Distributors, David Eiselsberg, Senior Director, Tax Policy, National Association of Manufacturers, and subject matter expert Barry LaSala, from the Economic Investment Alliance.
Soldano and Wild touched on the tax and regulatory outlook going into 2024 and into an election year. AED, and its 500 distributor members, is a member of Family Enterprise USA.
“It’s always important to understand the ongoing perils of expiring tax laws and new tax legislation affects family businesses across America, including equipment distributors large and small,” Soldano told the audience. “It’s not too early to start planning, and fighting, for what’s coming in the way of tax changes in 2025,” she said. “This coming year will be critical in many ways for family-business owners, not only to fend off damaging proposals, but also to begin laying the foundation for 2025, a year that could dramatically alter the tax code for family-owned businesses across the nation. And the clock is ticking.”
According to research, America’s multi-generational family-owned businesses contribute $7.7 trillion annually to the U.S. gross domestic product. 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, the research shows.
AED, based in Schaumburg, Ill., is an international trade association advocating for the interests of the equipment industry. Operating since 1919, AED represents companies that sell, rent and service equipment used in many applications, including construction, agriculture, forestry, energy, mining, material handling and industrial production. It also has more than 300 manufacturers and industry service providers as members.
Each year Family Enterprise USA conducts a survey measuring the pulse of family-owned businesses, including equipment dealers. This year, the study found the biggest worry resided in tax policies, with 50 percent of respondents saying high personal income taxes were the number one concern, up from 45 percent a year ago.
“We’re excited to have Associated Equipment Distributors and its membership as part of our growing family business voice on Capitol Hill,” said Soldano. “It was a pleasure to present the larger family business story to AED members. Our goal is to educate our legislators on Capitol Hill on the size and power of family-owned equipment dealers, and all family businesses, and to let them know of the damaging tax and economic policies affecting their business,” she said. “Data shows family businesses are more trusted than most business and they keep jobs, add jobs, pay better than average wages, and give back to their communities, all of which are strong arguments to keep our family businesses thriving.”
About Associated Equipment Distributors
AED is the international trade association representing companies that sell, rent, service and manufacture construction, farm, energy, mining, forestry and industrial equipment. Its nearly 500 distributor members, which are predominantly small-medium-sized, family-owned businesses, have 6,800 locations, employ 140,000 workers and account for more than $90 billion of annual sales revenue of equipment and related supplies. AED also has 300 non-distributor members, which include equipment manufacturers and industry service providers.
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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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