posal on behalf of the Association, stating, “[It] unfairly targets family- owned businesses by limiting the use of valuation discounts that non- family-owned businesses can use.” Alex Ayers, also of the Family Busi- ness Coalition, explained, “It is a very small source of revenue for the gov- ernment, but it would be a huge cost to business owners. It’s just the idea that business owners have to basically change their entire estate plan if they are using any of those valuation meth- ods, which virtually every family busi- ness uses.” President Trump signed an execu- tive order in April aimed at reducing tax regulations. It also instructed the Treasury Department to review all sig- nificant tax regulations issued since 2016, including
. As of this writing, the withdrawal of
by the Treasury De- partment was anticipated to be an- nounced in September. When it reconvenes, Schoening believes that Congress will begin con- structing a tax reform bill that will include
changes—if not its outright elimination. While cautiously optimistic about seeing comprehensive tax reform, both Schoening and Ayers don’t ex- pect momentum on the measure until late in the year, if then. “I could see the House passing a [tax reform] bill this year,” Schoening explained. “By this year, I mean per- haps before Thanksgiving, but it may be more likely before they leave for Christmas and the New Year. It’s pos- sible the Senate could do something this year as well. I think they are defi- nitely going to try, but it could fall into 2018, which of course is an elec- tion year.” In addition to opposition by NAED and similar organizations, others have also been more vocal recently in their opposition to the
. In August, more than 700 econo- mists signed an open letter, penned by the late Nobel Laureate Milton Fried- man, who died in 2006, calling for its repeal. The Family Business Coalition sent the letter to the White House and leaders in Congress.
AS WITH ANY CHANGE IN ADMINISTRATION, A CERTAIN LEVEL of adjustment is necessary. Who is in charge and what
does that mean to me? As a director for an electrical distribu-
torship, I can’t ignore some of the helpful policies that have
been put in motion by the current administration.
The surge in metal pricing, which significantly affects our
business, has seen healthy gains since election night 2016. And
nearly a year later, it is still holding strong. A brief check of the
U.S. International Trade Commission’s website shows count-
less antidumping (AD) and countervailing duty (CVD) investi-
gations. With respect to steel, there are 150 AD and CVD inves-
tigations in place as of this writing—and nearly 20% of them
are directed toward China.
In fact, 40% of all AD and CVD investigations relate directly
to steel—all of which are in place to help keep U.S. metal val-
ues high. China has long been producing more steel than it can
consume. So what does it do with all that metal? China can
either cut back production or continue to flood the world with a
product that is not needed at less than its current value.
Steel in the Spotlight
A look at the policies put in place
by the Trump administration.
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