Government Gridlock or Season of Compromise? Washington Experts Mark Warren, Pat Soldano Discuss Congress’ Agenda, Priorities in New ‘Voice of Family Business on Capitol Hill’ Podcast
Mark Warren, Veteran Capitol Hill tax policy expert, and Podcast Host Pat Soldano of Family Enterprise USA, Focus on New House Leadership Goals, Critical Issues, and Path to 2024
‘The Voice of Family Business on Capitol Hill’ Is Sponsored by Inolex, Global Manufacturer of Sustainable Ingredients for the Beauty and Personal Care Industries
With razor thin margins for Republicans in the U.S. House of Representatives, and for Democrats an equally tight margin in the U.S. Senate chambers, trying to understand the priorities of the 118th Congress is the focus of a newly released podcast, “The Voice of Family Business on Capitol Hill,” by Family Enterprise USA.
Mark Warren, well-known and respected tax policy professional in Washington DC, is interviewed by podcast host Pat Soldano, President, Family Enterprise USA.
Warren worked on tax policies going back to the Clinton Administration, was the chief tax counsel to the Senate Finance Committee, and work on Senator Chuck Grassley’s tax agenda. He also worked with Senator John Thune in the drafting of key parts of the Tax Cuts and Jobs Act. Warren is a partner at the law firm Brownstein Hyatt Farber Schreck.
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“Once the new House Speaker is decided, which may take some time, the new Republican leadership will likely focus immediately on questioning the $80 billion in new funding for the Internal Revenue Service, then they will focus on slowing inflation, and then likely workforce development and education,” says Warren in the podcast.
As for the Republican House agenda affecting family businesses, Warren believes the Republican leadership has a deep understanding and background for the needs of family businesses, and what it takes to keep them successful.
Many of those serving in Congress come from family businesses, he says, including leading Speaker of the House candidate Rep. Kevin McCarthy (R-CA), who started his business career when he took $5,000 in lottery winnings and opened Kevin O’s Deli in Bakersfield, Calif.
“The new House leaders will help family businesses by first offering policies to tame inflation, then they will shift focus to cutting individual taxes, and extending pass-through allowances,” Warren said. Other early 2023 agenda items will likely include making the US more competitive against China.
“It will be a slow start,” he said. “It will take some time to get organized, but what family businesses really want is stability and consistency. Congress must provide that in a bipartisan way.”
This latest episode in the podcast series, hosted by Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, is airing now on Spotify, and other major podcast platforms, such as Apple iTunes and TuneIn. The podcast is sponsored by Inolex, global manufacturer of sustainable ingredients for the beauty and personal care industries.
“Mark knows how Washington works and knows better than anyone how this new Republican legislature will operate,” Soldano said. “Family businesses are looking for signals from Washington that it will avoid gridlock and hope it understands the dynamics that make successful family businesses grow, hire, and stay profitable,” she said.
Both Warren and Soldano praised the effort by Congress to create the new Congressional Family Business Caucus, launched earlier this month. The new family business-focused caucus will tackle issues harming family businesses and will create policies that help family business sustain growth. Family businesses employee nearly 60% of workers in the U.S., according to research by Family Enterprise USA.
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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 Policy and Taxation Group 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. Those issues include Step Up in Basis, gift tax, Valuation Discounts, Capital Gains Tax, Income Tax Rates, Wealth Tax, & Estate Tax (death tax).
Policy and Taxation Group is the leading information, education and advocacy organization working for the reduction and ultimate elimination of estate, gift, and generation skipping transfer taxes, and other taxes that punish hard work and success. Our Mission is to challenge hostile tax policies that meaningfully and measurably impact families and limit the ability of family businesses to remain family owned. We work with Congress in Washington DC against 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 Estate Tax (death tax), and the possible elimination of Step up in Basis.
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