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SAN DIEGO — Support for shipping company owners as industry groups advocating for family-owned businesses lobby for the launch of a congressional initiative to help families plan to pass the business on to the next generation I am looking for
“We need to talk to members of Congress and let them know the impact family businesses have on our economy,” said Family Enterprise, which is working with members of Congress to create a non-political, bipartisan organization. USA Founder and President Pat Soldano said. Efforts to advocate for small to medium-sized family businesses. Speaking at his Management Conference & Exhibition at the American Trucking Associations on Oct. 23, Soldano calls the effort the Family Business Caucus.
Initiatives like this are especially important for trucking, she noted. 65% of trucking companies started or were started as small family businesses. Many have grown generationally over the years and in some cases are now third or fourth generation companies. Soldano emphasized that her 59% of jobs in the country (83 million jobs) come from family-owned businesses. Overall, family-run businesses generate an estimated $7.7 trillion annually to the country’s gross domestic product, she said.
With numbers like these, Soldano believes lawmakers are ready to seriously consider forming a caucus. She is optimistic that it will happen.
“Republicans and Democrats want to work with each other,” she said. “They are not only excited about the caucuses, they are excited to work with each other.”
According to the group’s survey, more than 100 parliamentarians have some experience as owners of family businesses or as consultants, perhaps as lawyers and accountants, Soldano said. Even in the current bipartisan atmosphere of the Capitol, she believes this kind of common ground can bring lawmakers together bipartisanly.
“It’s not a policy, so I’ll explain why it works,” she said. increase.”
But there are key policy issues that permeate the Capitol that the family enterprise is working on, Soldano said, one being federal property taxes.
The Internal Revenue Service recently increased the amount an individual can transfer to heirs during their lifetime or death in 2023 to over $12.92 million without triggering a 40% federal estate tax claim. The cap for 2022 was $12.06 million for him. The high-income couple will be able to send her close to $26 million in 2023, while she’s just over $23 million today.
This change is part of the agency’s annual inflation adjustment and affects federal income tax categories, standard deductions, and other provisions of tax law. Soldano said it’s important for families to be aware of and take advantage of the higher tax credits as aging trucking company owners plan their properties.
“Use that exemption — use it as much as you can — [and] Pass that business on to the next generation, even if it’s a partial pass-through,” Soldano said. “We have to give whatever we can afford to give to the next generation. We have fought hard to keep this exemption at this level.”
Emphasizing the importance of small businesses, Soldano pointed out how many are keeping salaries while keeping their employees from suffering financially during the pandemic.
“More than 90% of you kept employees on staff during the pandemic,” she said. We work with family-owned businesses, some of which have closed their doors for months and have actually continued to pay their employees for months during the pandemic.”
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