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.
Three Family Business Owners Discuss Transition Plans, Estate Tax Issues in Video During Latest Congressional Family Business Caucus in Washington, D.C.
Leaders from Vollrath Manufacturing, American Food & Vending, and Goodhart Sons Tell Stories of Transitioning to Next Generation
During the recent Congressional Family Business Caucus meeting held in Washington, D.C., last month, three generationally-owned family business leaders talked about the issues they face as their businesses grapple with complex transitions.
Danielle Kohler, Chairwoman, Vollrath Manufacturing Services, Sheboygan, Wis., discusses how her 6th generation, 150-year-old steel products manufacturing company, with 1300 employees, is using trusts to transfer ownership and manage inheritance taxes.
Steve Wells, Co-founder of American Food and Vending, Syracuse, N.Y., talks about the strange nature of transferring his 2,000-employee company to his family’s six- and seven-year-old children in order to manage tax laws effectively.
Also in the video, Marc Goodhart, President and Chairman, Goodhart Sons Inc., a fourth-generation 90-year old steel fabricator in Lancaster, Pa., with 130 employees, talks about starting to deal with succession plans, while focused on addressing research and development tax issues that are hurting his business.
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