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Budget & Tax Policy Outlook

The agreement earlier this month between Senators Reid and McConnell reopened the government for a few months, but it failed to resolve any of the issues that precipitated the shutdown in the first place.B Thereb s still no consensus on spending levels or tax policy beyond the end of the year.B Key dates in the agreement are:

  • December 13th — Target for budget conferees to agree to a uniform budget
  • January 15th — Current government funding resolution (CR) expires
  • February 7th — Debt limit reached again

At this point, agreeing to a budget resolution would be a big deal.B Not only could

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2019-02-01T20:19:44+00:00October 31, 2013|

Main Street Business Community Supports Comprehensive Tax Reform

A coalition of more than forty Main Street business groups, including the S Corporation Association, the National Federation of Independent Business, the National Farm Bureau, the Restaurant Association, and the National Wholesalers Association, released a letter today calling on Congress to resist pressure to consider corporate-only tax reform.

As the letter states:

Every day, nearly 70 million Americans go to work at a firm organized as something other than a C corporation. These “flow-through” businesses, structured as S corporations, partnerships, LLCs, or sole proprietorships, represent 95 percent of all businesses and they contribute more to our national income and our job

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2019-02-01T20:08:24+00:00March 20, 2013|

S-CORP Opposes Senate Sequestration Bill

The Senate is voting today on legislation to swap the sequester spending cuts with a package evenly divided between other spending cuts and targeted tax hikes.

The core tax hike in this package is our old friend - the Buffett Tax. We’ve previously pointed out the serious flaws in both the premise and the execution of the Buffett Tax. The provision contained in S. 388 suffers from all these flaws.

How would it work?

In this case, the bill would impose a new, minimum tax of 30 percent on taxpayers earning $5 million or more. The minimum tax would begin to phase-in once

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2019-02-01T20:08:25+00:00February 28, 2013|

Big Picture on Pass-Through Taxation

Our expectation for 2013 is continued guerrilla warfare on specific tax hike proposals coupled with the looming threat of larger tax hikes when Congress next addresses the debt limit. Add in the determination of both tax-writing committee chairmen to pursue comprehensive reform, and you have a good understanding of how we’re going to spend our time over the next year:

  • Working with the tax committees to make their tax reform proposals as business friendly as possible;
  • Fighting the Administration’s efforts to turn tax reform into another opportunity to raise taxes on Main Street Employers; and
  • Fighting specific proposals to unfairly target S corporations

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2019-02-01T20:11:35+00:00February 14, 2013|

Built-In Gains Relief in Fiscal Cliff Deal

Happy New Year everyone!

As everyone knows, the President signed into law H.R. 8, the so-called mini deal addressing the fiscal cliff yesterday.

The agreement was the result of negotiations between Vice President Biden and Senate Republican Leader McConnell and effectively reduces tax revenues over the next ten years by just short of $4 trillion dollars.

It passed the Senate easily early New Year’s morning by an 89-8 vote and then, after a little drama with the House Republican conference, passed that body on a much closer 257-167 vote that evening.

For S corporations, the package is a mixed blessing. Under the agreement, top

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2019-02-01T20:11:48+00:00January 3, 2013|