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Pat Soldano opened the meeting by providing an update on the work that Policy and Taxation Group (PATG) and Family Enterprise USA (FEUSA), is doing in Washington. Specifically, she provided an update on the Congressional Family Business Caucus, highlighting that Representatives Tom O’Halleran (D-AZ), Brad Schneider (D-IL), and Jodey Arrington (R-TX) have agreed to serve as co-chairs and begin the process of formally setting-up the Caucus. We are continuing efforts to secure Senate co-chairs so that the Caucus is both bipartisan and bicameral.
Adam Finkel (Legislative Director for Rep. O’Halleran) and Mason Champion (Legislative Director for Rep. Arrington) discussed the important role the Caucus will play in supporting family business issues in Washington. Adam highlighted Rep. O’Halleran’s commitment to pursuing bipartisan public policy solutions and discussed Rep. O’Halleran’s work with the Arizona Farm Bureau. Mason focused on how the Caucus will facilitate an ongoing discussion in Congress about family business issues.
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Brandon Román (Squire Patton Boggs) discussed recent legislative activity and the potential for tax policy legislation in the lame-duck session of Congress following the 2022 midterm elections. Brandon first highlighted a number of tax policy proposals – elimination of stepped-up basis, increased individual and capital gains tax rates, imposition of a surtax on individuals and trusts/estates, limitations on the use of grantor trusts and large retirement accounts, etc. – which were removed from the Democrats’ tax and spending package as a result of the efforts of both organizations.
Mark Warren (Brownstein Hyatt Farber Schreck), provided additional “behind the scenes” context surrounding how several of the tax proposals we opposed ultimately came to be excluded from the recently-enacted Inflation Reduction Act. He then discussed the possibility of a year-end tax package, which could include a number of items, including bipartisan retirement savings reforms, expansions of the Child Tax Credit and Earned Income Tax Credit, and other tax measures. Mark also discussed the possibility of Treasury pursuing potential regulatory changes to grantor trusts, the Section 199A deduction, and partnership rules.
Russ Sullivan (Brownstein Hyatt Farber Schreck) provided an update on the 2022 midterm elections, including a discussion on key factors that are likely to influence the outcome, such as inflation, presidential approval, and fundraising. Russ noted that while the president’s party historically loses seats in a midterm election, Democrats have heavily outraised Republicans in key races. He also shared polling updates in key Senate and House races. To conclude, Russ provided an overview of the upcoming Republican Ways & Means leadership election between Rep. Vern Buchannan (R-FL), Rep. Adrian Smith (R-NE), and Rep. Jason Smith (R-MO).
Following-up on Pat’s opening remarks, Caren Street (Squire Patton Boggs) presented more information on the Congressional Family Business Caucus and provided additional background on its anticipated activities, including: (1) an annual fly-in to connect Members of Congress with constituent family businesses; (2) regularly-scheduled meetings in Washington between Members of Congress and their staff and constituent family businesses; (3) periodic seminars, forums, and other speaking engagements; (4) an annual report; (5) internships and other educational programs; and (6) visits by Members of Congress and their staff to family businesses in their districts/states.
To conclude, Pat thanked participants for their continued support and various PATG/FEUSA supporters dispersed to participate in meetings with their Members of Congress and other key policymakers.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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Upcoming Events
- October 12: Institute for Family Owned Business, ME
- October 13: 2022 HTI at the Loews Chicago O’Hare Hotel, Rosemont, IL
- October 14-16: Chattanooga Motor Festival, TN
- October 20: University Business Center, Fresno, CA
- October 19-21: Opal Family Office & Private Wealth Forum West, Napa Valley, CA
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.
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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.
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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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Have questions or would like more information about becoming a Member or donating? Please contact John Gugliada at jgugliada@family-enterpriseusa.com.
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