Our Chairman’s 2018 New Year Message

Dear S-CORP Member:

Well that was a roller coaster ride.  In just ten weeks, Congress went from being nowhere on tax reform to seeing a massive rewrite of the Tax Code enacted into law.  It was a remarkable accomplishment whose benefits are already being felt in the job and equity markets.  The stock markets like the new tax bill.

But does the new tax bill like Main Street?  That’s a little more complicated.

Thanks to the efforts of your S-Corp team and allies, the final version of the bill is a dramatic improvement over earlier drafts – the new pass-through deduction is larger, a broader swath of businesses will benefit, and exporters will not be penalized.  Those improvements spell the difference between a tax hike and a tax cut for many Main Street employers.

To win these changes, S-Corp worked with trade associations and key allies in Congress – particularly Senators Ron Johnson (R-WI), Steve Daines (R-MT), and Jim Inhofe (R-OK).  Theses Senators were champions for Main Street business, and S-Corp worked with them right up to the eleventh hour to improve the bill.  Our membership stepped up as well.  They hit the Hill enmasse, they got their stories into the press, and they picked up the phone and spoke directly to key policymakers.

As a result, the final bill is something that benefits many members of the S corporation community, but that outcome is not universal, it is not permanent, and it is not stable.

To read the full letter, please click here.

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