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BIG Update

It’s been an active week for supporters of an extension of built-in gains (BIG) tax relief.

First, Sens. Olympia Snowe (R-ME) and Mary Landrieu (D-LA) worked to find another way to highlight an extension of built-in gains relief, culminating in a package of small business tax and other provisions that got 57 votes on the floor today.

Together with Sens. Ben Cardin (D-MD) and Pat Roberts (R-KS), our Senate allies have continued to press the need to extend this important access to capital provision for small and closely-held businesses, and we appreciate their efforts.

Second, Reps. Jim Gerlach (R-PA) and Ron Kind (D-WI)

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2019-02-01T20:13:22+00:00July 12, 2012|

Business Groups United Against Payroll Tax Hike

In advance of next week’s vote to raise taxes on S corporations by $9 billion, a group of 38 business associations wrote Senate leadership strongly opposing the provision. Signed by S-Corp, the US Chamber, NFI and other leading groups, the letter details the numerous flaws in the provision. As reported in The Hill:

A coalition of business groups is pushing back against a Democratic proposal to pay for lower student loan rates with tax revenue. The U.S. Chamber of Commerce, along with roughly three dozen other groups, said ‘the plan could increase the payroll tax burden on business owners

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2019-02-01T20:21:28+00:00May 4, 2012|

Taxing Business Investment

Our position on tax reform is simple and outlined in the letter 45 business groups sent to Congress last fall:

  • Pursue comprehensive reform that includes both the corporate and individual tax codes;
  • Keep the top rates on corporate and individual income low and at the same level; and
  • Continue to reduce the incidence of the double tax on business income.

This last principle is premised on the idea that the pass-through structure is the correct way to tax business income, as Eric Toder told the Senate Finance Committee last year:

Senator Snowe: I appreciate that. Does either one of you want to comment, Dr.

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2019-02-01T20:21:28+00:00March 2, 2012|

Extensions for Main Street

Three cheers for Sen. Olympia Snowe (R-ME) and Sen. Mary Landrieu (D-LA) for fighting to move extensions of expired tax provisions benefiting Main Street businesses! Senators Snowe and Landrieu introduced the Small Business Tax Extenders Act of 2012 (S. 2050) this week to extend through 2012 those tax provisions benefiting Main Street businesses that were allowed to expire last year – including, an S-CORP priority, built-in gains (BIG) relief. Other provisions include extensions of the:

  • Temporary 100 percent exclusion of gains on certain small business stock;
  • 5-year carryback of general business credits of eligible small businesses;
  • AMT rules for general business credits of

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2019-02-01T20:21:28+00:00February 3, 2012|

Pass-Thru Employment Takes Center Stage

Robert Carroll’s study on pass-thru businesses continues to be a centerpiece in the tax policy discussion here in DC.

At yesterday’s Finance Committee hearing on the future of tax rates, Bill Rys from the National Federation of Independent Business did a great job of articulating just how many people work for pass-through businesses and why raising tax rates will hurt their ability to invest and create jobs. As Bill pointed out in his testimony:

Based on 2008 tax data, pass through businesses represented 95 percent of all business entities. These businesses employed a majority – 54 percent - of the total private

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2019-02-01T20:24:45+00:00September 15, 2011|