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Home/Tag: income

Yet Another “Millionaire Surtax” Introduced in the Senate

Yesterday, Senators Collins (R-ME) and McCaskill (D-MO) introduced legislation to extend the payroll tax holiday, among other things, and to pay for it with a mixture of tax hikes. Primary among the tax hikes is yet another modified version of the millionaire’s surtax. By our count, this is the fifth surtax considered in the Senate in the last three months.

In this case, the surtax is two percent and would apply to incomes exceeding $1 million, excluding small business income where the taxpayer works at the business. The goal of this exception is to avoid the charge that the surtax would …

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2019-02-01T20:24:44+00:00December 8, 2011|

Jobs Bill on Senate Floor Next Week

Senate leadership has committed to taking up a Jobs bill next week. The details of the package are still being worked out, but the list released by the Senate Democrats includes:

  • Job Creation tax credit
  • UI and Cobra Extensions
  • Bonus depreciation and 179 expensing
  • Highway funding
  • Build America Bonds
  • SBA loans
  • Export Promotion
  • Some energy related tax items

Although it’s not mentioned, we do expect the tax extenders to also be part on the mix. On the other hand, an estate tax fix is not likely to be included. Senator Reid told reporters that he still plans to move legislation restoring the estate tax, …

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2019-02-06T17:21:00+00:00February 5, 2010|

S Corporations and Payroll Taxes are Back in the News

A couple weeks ago, House-Senate health care negotiators raised the idea of paying for health care reform by expanding the types of income subject to the Medicare payroll tax. Payroll taxes are limited to wages at the moment, but this proposal would also tax cap gains, dividends, interest, rents, and limited partners. Oh, and S corporation income.

S-CORP has a long history of advocacy on these issues and, while the future of health care reform is wholly uncertain following the special election in Massachusetts, we felt it was important for the business community to weigh in on this issue with strong …

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2019-02-06T17:21:54+00:00January 29, 2010|

Tax Outlook for 2010 — Starting in a Hole

The economic fear that gripped folks in the Fall of 2008 has resulted in a historic collapse of federal revenues.

Revenue collections since 1960 have stayed in a relatively tight pattern centered around 18 percent of our GNP. Considering the range of tax policies we’ve imposed on taxpayers during that time, the steadiness of the 18 percent mean is remarkable and suggests some sort of political or economic boundary is in effect.

That steadiness was broken last year when federal collections fell to their lowest level since 1950. Meanwhile, Washington’s response to the crisis has driven federal spending to levels not seen …

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2019-02-06T17:21:55+00:00January 15, 2010|
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