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Pat Soldano (President of Policy and Taxation Group (PATG) and Family Enterprise USA (FEUSA)) opened the call by welcoming supporters and participants and thanking them for joining. Pat also encouraged those on the call to continue supporting the important work that both organizations are doing on behalf of family businesses, family offices, and successful individuals.
We first heard from Dr. Frank Luntz who provided insight on the current political landscape in the wake of Rep. Mike Johnson’s election as Speaker of the House and the recent announcement regarding Sen. Joe Manchin (D-WV) forthcoming retirement from the Senate.
Frank discussed public attitudes on economic issues and inflation. He also answered several questions from participants, including some related to the 2024 Presidential Election and the current partisan gridlock. Frank discussed the likelihood of tax and regulatory relief for family-owned businesses and highlighted the need for bipartisanship on tax and economic issues that impact family-owned businesses and local communities.
Mark Warren (Brownstein) then provided a substantive overview of what might be included in a potential year-end tax package. Mark indicated that House Republican Ways and Means Committee Chairman Jason Smith (R-MO) remains focused on tax policies that support families, farms, and small businesses, including an increase in the standard deduction and small business equipment expensing. As for Democrats, he highlighted their focus on tax policies impacting families, including an expanded Child Tax Credit and affordable housing proposals. Considering this, Mark suggested that a bipartisan tax package may include business and family provisions, though there are several remaining issues that still need to be addressed – including the State and Local Tax (SALT) deduction and expiring Tax Cuts and Jobs Act (TCJA) provisions.
We then heard from Russ Sullivan (Brownstein) on the likelihood of tax regulatory changes. Russ warned that since Congress rejected several Biden Administration proposals targeting high-income, high-wealth individuals, there is a possibility that President Biden will seek to achieve certain tax policy goals through the regulatory process. He also discussed recent scrutiny by Congressional Democrats and the Internal Revenue Service (IRS) of high-income, health-wealth individuals and large corporations. Next, Rep. Marc Molinaro (R-NY) – a member of the Congressional Family Business Caucus – discussed family business issues and the important role of the Caucus. Rep. Molinaro acknowledged that family-owned businesses are the backbone of the economy and highlighted the impact they have on their communities as employers and philanthropists. He also discussed the impact of burdensome regulations and the costs they pose for family-owned businesses, noting that his constituents have raised concerns seeking regulatory relief on labor and tax issues. After discussing his work on the House Agriculture Committee and the House Small Business Committee, Rep. Molinaro answered questions from participants about the likelihood of a year-end tax package and expressed optimism for bipartisan compromise.
Finally, we heard from Brandon Román (Squire Patton Boggs) who provided an update on the Congressional Family Business Caucus. He shared that the Caucus has grown to over 30 members thanks in large part to outreach by PATG and FEUSA supporters to their Members of Congress. Brandon also shared that the goal is to grow the Caucus to 50 members by the end of the year and discussed strategies being implemented to increase membership in the Caucus. Additionally, he shared that FEUSA has partnered with several trade associations such as the American Trucking Associations, Associated Equipment Distributors and Air Conditioning Contractors of America, to conduct direct outreach to Members of Congress about Caucus membership.
Pat closed the meeting by reiterating her appreciation for everyone’s ongoing support of PATG and FEUSA.
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The need for fact-based reporting of issues important to family offices and successful individuals and protecting a lifetime of savings has never been greater. Now more than ever, family offices and successful individuals are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to family offices and successful individuals, while continuing to strengthen our presence on Capitol Hill.
Policy and Taxation Group is the Voice for Family Offices and Successful Individuals in Washington, DC focused exclusively on the critical tax and economic policies that impact them.
Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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