capital gains tax - The S Corporation Association

Items Remaining on the Congressional “To-Do” List

Friends of ours who follow Congress have begun quoting the old country and western song, “How Can I Miss You If You Won’t Go Away?” With Christmas less than two weeks away, Members of Congress would like to leave soon, but a long list of to-do items still stands in the way:

Health Care Reform: Majority Leader Reid is still pressing to get the Senate bill finished before Congress leaves for the New Year. He still might make it, but the odds against him are climbing rapidly.
Government Funding: Congress passed a batch of …

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admin2019-02-06T17:21:55+00:00December 15, 2009|

S-Corp Modernization Bill Introduced in the House

Good news! Last week, S-CORP Champion Congressman Ron Kind (D-WI) introduced the “S Corporation Modernization Act of 2009.” Joining Congressman Kind in sponsoring the legislation were fellow Ways & Means Committee Members Wally Herger (R-CA), Allyson Schwartz (D-PA) and Dave Reichert (R-WA).

The legislation is the companion bill to legislation (S.996) introduced in the Senate earlier this year, and represents the priorities of the S Corporation Association for the 111^th Congress, including a provision to make permanent the built-in …

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admin2019-02-06T17:21:56+00:00June 25, 2009|

Obama’s Tax Plans Take Shape

President Obama released a 140-page outline of his budget today that reflects his revenue and spending priorities for the next couple of years.

Chief among these is a major change in federal health care policies. As made clear in his speech to Congress the other day, health care reform is first among the several big reforms on the table and his budget sets aside $634 billion of the estimated $1 trillion he plans to spend on the plan.

To raise the $634 billion, Obama calls for: 1) limiting itemized deductions for …

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admin2019-02-06T17:22:35+00:00February 26, 2009|

S Corp Champions Push BIG Relief

As Congress moves forward on the stimulus bill, the S Corporation Association continues to push Built-In Gains tax relief as a vital part of the package. If the economy is suffering from a lack of capital, BIG relief can help S corporations access capital currently locked-in by punitive tax rates.

As part of that effort, S-Corp allies Senators Lincoln (D-AR), Hatch (R-UT), Cardin (D-MD), and Snowe (R-ME) sent Senate leadership a letter today advocating for including BIG relief in the stimulus package. Their letter states:

Our proposal, as included in the S Corporation Modernization …

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admin2019-02-06T17:22:36+00:00October 29, 2008|

Congress to Consider Lame Duck Session Stimulus

What time is it when the market is down, unemployment is up, personal consumption is falling and manufacturing activity is contracting? Time for another economic stimulus package.

Last week, the Ways and Means Committee confirmed it will hold a hearing on the economic stimulus package on October 29^th. The specifics have yet to be worked out and several House and Senate Committees are expected to have a hand in crafting the bill. Politico lists the most likely contenders:

It could include a permanent tax cut for lower- and middle-income families, in …

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admin2019-02-06T17:22:36+00:00October 20, 2008|