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Main Street Supports Senate Tax Bill

A strong coalition of Main Street trades came out today in strong support of the Big Beautiful Bill pending before the Senate. A coalition letter signed by more than 90 trade associations reads:

This legislation builds on the foundation laid by the Tax Cuts and Jobs Act and advances a forward-looking, pro-growth tax agenda that supports tens of millions of Main Street enterprises. Critically, it would provide long-overdue certainty to the more than 95 percent of American businesses organized as S corporations, partnerships, and sole proprietorships — businesses that employ a large majority of the private sector workforce and serve

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2025-06-30T21:24:46+00:00June 30, 2025|

Big Main Street Win on SALT

Here’s a good news story to kick off the weekend – Punchbowl News reports that lawmakers are striking the onerous SALT limitation from the reconciliation package as part of a broader compromise between the House and Senate:

The outlet also reports that the White House played a key role in helping broker the deal:

Treasury Secretary Scott Bessent is briefing Senate Republicans behind closed doors at their lunch now about a SALT deal he clinched with the White House and blue-state House Republicans…Speaker Mike Johnson and James Braid, the White

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2025-06-27T21:13:31+00:00June 27, 2025|

Main Street Backs 199A Expansion

With the reconciliation bill process reaching its final stages,120 trade associations today called on the Senate to incorporate a key part of the House-passed bill: an expansion of the 199A deduction from 20 to 23 percent. As the letter states:

Expanding Section 199A will help preserve tax parity between pass-through businesses and larger public corporations while helping ensure the Senate bill does not raise taxes on millions of Main Street businesses.  

The Section 199A deduction plays a vital role in preserving competitive neutrality in the Tax Code. The 2017 Tax Cuts and Jobs Act reduced the corporate tax rate from 35

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2025-06-27T18:07:12+00:00June 27, 2025|

WSJ is Wrong on SALT Parity

To whoever signed off on yesterday’s Wall Street Journal editorial attacking the ability of Main Street businesses to deduct their SALT payments – just like C corporations do – S-Corp has a bridge to sell you. Seriously, you got played.

The piece starts off wrong and gets worse from there. Here’s what it says:

Senate Republicans appear to be acquiescing to demands by House Republicans from high-tax states to raise the $10,000 limit on the state-and-local tax deduction to $40,000. In return for this gift to spendthrift progressive states, they should at least close a giant loophole in the cap.

The

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2025-06-25T18:06:19+00:00June 25, 2025|

Setting the Record Straight on 199A

Critics of the Section 199A passthrough deduction are back in full swing. A recent release by Senate Finance Committee Ranking Member Ron Wyden (D-OR) claims the House-passed proposal to extend and modestly expand the 199A deduction “disproportionately benefits the rich.”

Senate and House tax-writers need to ignore the critics and support 199A, including the House proposal to increase the deduction to 23 percent. The Wyden release may generate headlines, but it doesn’t change the underlying facts: Section 199A is one of the most effective tools to spur economic growth and job creation while helping level the playing field between Main

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2025-06-24T14:38:29+00:00June 24, 2025|