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I was at the recent Lido Family Office and Investment Symposium in Santa Monica where the key topic for discussion was what are families, family offices and family businesses doing to manage their businesses and assets in this difficult economic and political time.
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During the symposium I had the pleasure of being on stage with Dr. Frank Luntz, the well-known pollster and political strategist. During this on-stage give and take, Frank and I were fielding questions from the audience of 300 and the same basic theme came up often: “What is happening to the country?”
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The Lido team owns the LA Family Office market and kudos to them for pulling off a great event, but it struck me as I looked out over the beach, beyond the rollerbladers scooting along the bike path, beyond the blue Pacific Ocean, I wondered, why don’t we want to promote success in this country? Why do voters and politicians want to punish the successful, many of whom started with nothing and took risks that others would not.
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The answer is not easy, but Frank may have answered best when he said, voters and politicians don't know what the successful people in this country have done because many of them are private and don't tell their story. Voters think “the successful don't pay their fair share of taxes,” yet they don't know how much they pay or what fair share really means. Voters and politicians just don't know, and shame on the successful in this country for not speaking up!
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In the next month I will present to eight separate family enterprise groups and forums. I will present the findings from the 2022 Family Enterprise USA Annual Family Business Survey. The one finding that keeps bothering me is that 79% of family businesses operate as “pass-through” organizations and only 21% operate as C corporations; yet politicians continue to favor C corporations who pay a 21% tax rate over family businesses who pay 30 to 35% as pass-through organizations.
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Don't we want to promote businesses that build their enterprises for sustainability and as a legacy for the family, employees, and the local community? That is what family businesses do. This was demonstrated during the pandemic. They keep employees employed even when the business was not open.
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And so, I bring this up at conferences and to anyone who will listen, but we need successful family businesses to tell their story, either publicly or privately, to their legislators. If you want my help, let me know. But the attitudes of voters or politicians will not change if they do not hear them.
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I hope to see you at one of my presentations. We will be sending emails out for those who want to attend. If you have an interest, please let me know.
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The laws in this country are going to change. That is what Congress does. If you don’t let your voice be heard you will probably not like the outcome.
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Pat Soldano is president of Family Enterprise USA and Policy and Taxation Group. Both organizations are fighting for families and family businesses by reducing or eliminating unnecessary taxes and government regulation.
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Pat Soldano is president of Family Enterprise USA and Policy and Taxation Group. Both organizations are fighting for families and family businesses by reducing or eliminating unnecessary taxes and government regulation.
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Family Enterprise USA Sponsors
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