Washington Wire
Tax Hike Nonsense
The battle over the Budget Resolution is a spending fight, not a tax fight. There is broad agreement over how to extend the expiring individual and pass-through tax policies, whereas there are significant differences when it comes to spending reductions. The problem for Main Street is some members apparently don’t know the difference.
This chart from CBO tells the whole story. Revenues into the federal government are well above historic norms and rising. Spending, meanwhile, is …
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Talking Taxes in a Truck Episode 41: Ryan Ellis on Tariffs, the “Big Beautiful Bill,” SALT, and More
Between tariffs and budget resolutions, it’s been an eventful and busy week here at S-Corp central. To cover it all, we’re joined by three-time podcast guest Ryan Ellis, the President of the Center for a Free Economy and an IRS Enrolled Agent. Ryan gives us his unvarnished take on the tariffs, the Senate budget resolution, baseline budgeting, SALT Parity, Republican tax hikes and more.
This episode of Talking Taxes in a Truck was recorded on April …
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Clickbait for Tax Hikers
The DC tax community has been buzzing since Axios reported the White House is considering rate hikes to offset their other tax priorities. This from the article:
Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats’ attacks as they seek to extend President Trump’s 2017 tax cuts.
…Under the budget reconciliation rules that Republicans seek to use to extend …
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Committee Reviews CTA’s Future
Earlier today a House Financial Services subcommittee held a hearing entitled, “Following the Money: Tools and Techniques to Combat Fraud.” The hearing covered many topics, but the conversation returned time and again to the awful Corporate Transparency Act.
The hearing kicked off with Congressman Warren Davidson (R-OH) – who leads the charge to repeal the statute – making the case for the Treasury Department’s recent …
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The Economic Risk of Cliff Diving
A key paragraph from today’s Politico Tax highlights a critical issue for Main Street businesses:
A good number of economists already say that extending the expiring TCJA individual provisions wouldn’t do much to further spur the economy. That’s part of the reason that Trump and his team are plugging some of his more targeted tax cut ideas, while other key Republicans are talking up key tax breaks for businesses, like full expensing for capital investments.
But …
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Main Street Cheers CTA Relief
Treasury last week made good on its promise to deliver much-needed relief from the Corporate Transparency Act, a move that did not go unnoticed by the Main Street business community. In a letter sent earlier today, over 100 trade associations applauded a new interim rule that exempts American companies from the CTA’s onerous reporting requirements and implements a risk-based enforcement approach instead. The letter reads:
This rule appropriately narrows the scope of entities …
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FinCEN Releases CTA Relief Rule
More good news on the battle over privacy. Treasury’s Financial Crimes Enforcement Network on Friday released the following statement:
[T]he Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that …
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Congressman Yakym Hosts 199A Roundtable
Members of the Main Street Employers Coalition convened in South Bend, Indiana, today for a roundtable discussion with Congressman Rudy Yakym, who represents the state’s Second District and sits on the tax-writing Ways & Means Committee. The sole focus of the event was the Section 199A deduction, a provision that is central to tens of millions of Main Street businesses organized as pass-throughs.
Photo …
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