Publication1 2021 Issue 1

27 KENTUCKY AUTO DEALER Protection Bureau (CFPB). He sees a possible move from compliance to enforcement, and he thinks that would be a mistake. “When governments don’t understand issues, they overreach,” said Steve. Steve is very hopeful that the Biden administration will embrace free trade, but he is concerned about emphasizing union jobs instead of American jobs. “Most of our international nameplate dealers sell cars that the manufacturers build in the U.S. The manufacturers employ thousands and thousands of Americans in nonunion jobs. Those jobs should just be characterized as American,” he said. Tax changes are also coming. “We want to try to protect things like LIPO accounting, which is a big deal to our industry and others, and we are concerned about laws that would affect estate planning,” he said. Estate planning is an issue because of taxes. “Although estate taxes are pretty low right now, there was a time where estate tax was as high as 90%,” said Steve. “Suppose my daughters want to stay in the business when I retire. If taxes usurp my estate, the businesses would have to be sold. This problem isn’t unique to our business. Family farms have the same problem. To me, this isn’t an AIADA stance. There shouldn’t be a tax on estates. Everything I own has been paid with after-tax dollars. I think it is double taxation. I should be able to give everything I want to my daughters without any tax.” On the Personal Side Steve races cars every chance he gets. “I am not very good,” he said, “but I am always the one who is having the most fun. My dad was a really great racing car driver. He drove with many of the legends of auto racing. I get to be around some of the current legends, but we are definitely not on the same level.” He is also a devoted grandfather. “Most grandparents say the same thing,” he said, “but I love spending time with my grandchildren. I am young enough and healthy enough to be on the floor with them, to run and keep up with them. My athletic skills haven’t declined so much I can’t play baseball or football. I also enjoy watching my children be great parents. For all my mistakes, and I made a lot of them, they turned out great. I am very proud of them. The pandemic reminded me that nothing is more important than your family — your biological family and also your work family.” Steve enjoys reading and loves learning about U.S. presidents. “I will occasionally dive in and read a quick mystery, but I like nonfiction the most,” he said. He recommends Robert Caro’s four books about President Lyndon Johnson.