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How Family Businesses Can Change the Tune on Capitol Hill
America is back on the road. Planes are full. Overhead bins are bulging.
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What is going on in our nation’s Capital, they ask?
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Everywhere I go, from New York to Newport Beach, the voices are singing from the same hymnal: Oh Taxes, Enough is Enough!
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The refrain goes like this: “Eighty percent of us operate as pass-through entities, and we pay close to forty percent in income tax now, how can they possibly increase tax rates, or charge a surtax on incomes at certain levels? Enough is Enough.”
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Recently, I was in Oldfield, South Carolina, speaking to executives from family offices and family businesses. Here, the worry was about changes in human resources rules and regulations. Too much time and money are being spent trying to make sure they comply. And, more importantly, what if they don’t comply?
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How do we fight this, they asked? The issues are as old as South Carolina oaks.
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“How will our next generation be able to continue the business? How do we stay ahead of the next set of poorly written rules, and support our employees and our community? How do we operate and plan when the political environment is so polarized, and legislation and regulations are so up and down?”
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Yes, and yes. How do family businesses navigate through all this noise, and still run a business?
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Then it was Minnesota. There it was the Estate Tax: “what will the new estate tax be on January 1, 2026?”
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There, in the land of 10,000 lakes, a group of multi-generational family businesses and family offices worried about what the estate tax law was going to look like when the $13 million lifetime exemption for the estate tax expires.
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“What will the exemption be? Will it go down drastically? Will it stay about the same? Will the rate go up?”
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I listened. I agreed. I shook my head. I didn’t know.
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“There was only one answer,” I said. “Get the word out.”
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It’s the first Congressional caucus focused solely on the critical issues facing generationally-owned family businesses of all sizes and industries across the United States.
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We can change the tune in Washington if we do it together.
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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 Policy and Taxation Group
Policy and Taxation Group is the Voice for Family Offices & Successful Individuals in Washington, DC focused exclusively on the critical tax and economic issues that impact them. Policy and Taxation Group works in a bipartisan manner to favorably shape tax policy and to fight hostile taxes. Policy and Taxation Group is actively working for the reduction and ultimate elimination of estate, gift, and GST taxes while fighting against increased income & capital gains taxes, the creation of a wealth tax, and other taxes that punish success.
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