tax increase

/Tag: tax increase

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 ...

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By |2014-06-04T19:18:18+00:00February 14th, 2013|The Washington Wire|0 Comments

Fiscal (Slope) Cliff Forecast

While everyone in Washington waits for Tuesday's election results, this story in The Hill caught our eye: "Fiscal cliff already weighing on economy." According to the story: While the expiring tax cuts and automatic spending cuts that make up the cliff do not take effect until the beginning of 2013, Pawlenty said he is hearing from financial firms that businesses are already halting business activity because they are not sure what will happen. For example, 61 percent of JPMorgan's U.S. clients are altering their hiring plans because of the cliff, and 42 percent of fund managers for Bank of America ...

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By |2014-06-04T20:01:14+00:00November 5th, 2012|The Washington Wire|0 Comments

New Ernst & Young Study on Top Rates

oday, the S Corporation Association released a new study by Ernst & Young focused on the rate debate in Congress and its impact on job creation and business investment. According to the study, allowing the top rates on individual, business, and investment income to rise starting next year would, over time, result in fewer jobs, lower wages, and less investment. Key documents include: Ernst & Young Macroeconomic Study on Rate Hikes Highlights of the E&Y Study S Corporation Association Press Release Authored by Dr. Robert Carroll and Gerald Prante of Ernst & Young, the study examines the economic impact of ...

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By |2015-11-17T20:29:57+00:00July 17th, 2012|The Washington Wire|3 Comments

President Targets S Corps

President Obama announced yesterday his continued support for raising tax rates on Americans earning more than $250,000 ($200,000 for single filers). As the Wall Street Journal reported today, these policies would hit a large number of business owners: Congress's Joint Tax Committee -not a conservative outfit - estimates that in 2013 about 940,000 taxpayers will have enough business income to meet Mr. Obama's tax increase threshold. And of the roughly $1.3 trillion in net business income, about 53% will get hit with the higher tax rates. New numbers from Ernst & Young reinforce the impact these higher rates will have ...

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By |2014-06-04T21:13:56+00:00July 10th, 2012|The Washington Wire|0 Comments

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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By |2014-06-04T21:14:48+00:00July 9th, 2012|The Washington Wire|0 Comments