house - The S Corporation Association

Pass-Through Coalition Weighs In on Fiscal Cliff

The S Corporation Association joined with more than 40 other organizations in a letter to Congressional leadership calling for action on to pursue comprehensive tax reform that lowers rates on all forms of business income while also addressing entitlement spending. States the letter:

[W]e call on Congress to avoid raising marginal tax rates on employers, either as part of negotiations over the fiscal cliff, or as part of larger effort to reform the tax code. Instead, Congress should seek to enact comprehensive tax reform that simplifies the tax code and encourages economic growth for both pass-through businesses and corporations.

[W]e are …

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admin2019-02-01T20:12:11+00:00November 28, 2012|

Tax Outlook

With the Republican convention behind us and the Democratic one this week, we thought it would be worthwhile to assess what the business community can expect on taxes in the next six months. We break the outlook into three buckets:

First, the need to extend the tax policies set to expire on January 1;
Second, the need to make more fundamental changes to the tax code; and
Third, what to do about those pesky tax “extenders?”

2001 & 2003 Tax Cuts

Bucket one is easiest, since both sides have outlined their positions. The Republican House adopted legislation to generally extend all the 2001 …

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admin2019-02-01T20:12:49+00:00September 4, 2012|

Rate Debate Update

The rate debate continues. Last week, the Senate failed to extend all the current tax rates and policies by a vote of 45-54. Two Republicans voted against the measure because of a refundable credit issue and one Republican missed the vote due to illness, but even if you adjust for those votes, the Senate still came up short of a majority for not raising taxes on employers during a period of severely high unemployment.

Very disappointing and something pass-through businesses and the markets should pay sharp attention to.

We expect better results today and tomorrow when the House votes on two related …

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admin2019-02-01T20:12:58+00:00August 1, 2012|

Rate Debate Begins

Majority Leader Harry this week filed a motion to proceed to the Senate Democratic bill (S 3414) to extend the Bush tax cuts for all taxpayers except the top two brackets. A procedural vote is scheduled for tomorrow.

Senate Republicans will push to have a vote on their own version which will extend current tax policies for all brackets. If an agreement is not reached on allowing alternatives, Republicans could try to block consideration of the Democratic bill.

So we now have competing proposals before the US Senate, which begs the question, does Leader Reid have the votes? He starts with 53 …

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admin2019-02-01T20:13:04+00:00July 24, 2012|

More than Half of Small Business Income Targeted Under Obama Tax Hike

The S Corporation Association today responded to reports that President Obama would press to raise taxes on S corporation owners and other taxpayers earning more than $250,000 a year:

“Pass-through businesses like S corporations employ the majority of private sector workers. The President is proposing to raise taxes on a large number of their employers, putting those jobs at risk. According to the Joint Committee on Taxation, more than half of all pass-through income is taxed at the top two tax rates. Raising taxes on that much economic activity at a time when unemployment is already too high is harmful …

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admin2019-02-01T20:18:46+00:00July 9, 2012|