white house - The S Corporation Association

Legislative Update

It’s been a busy week. First, Ways & Means Chair Paul Ryan yielded to a tremendous amount of peer pressure and agreed to run for Speaker. The Republican Conference vote to replace departing Speaker John Boehner is set for October 28^th and appears to be all but decided.

And now Boehner made good on his promise to clear off a bunch of “must pass” items before he left, announcing last night a deal with the White House to 1) raise the debt limit through March of 2017, 2) increase the spending caps on defense and non-defense discretionary for 2016 and …

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admin2019-02-01T19:59:04+00:00October 27, 2015|

A Tale of Two Speeches

The president gave his State of the Union speech last Tuesday, while his Secretary of Treasury spoke to the Brookings Institution the following morning. The president didn’t mention tax reform, whereas Lew devoted nearly his entire speech to building the case for action this year. It was a head-scratching juxtaposition that still has us wondering if Treasury and the White House are on speaking terms these days.

You can read the president’s speech here
You can watch the Lew speech here

Lew’s speech in particular is worth watching. His focus was on the tax reform “framework” Treasury put forward three …

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admin2019-02-01T20:00:11+00:00January 26, 2015|

S-CORP Clips | Week of December 12

A compilation of the business tax related stories that caught our eye

Hatch Tax Reform Report

For weeks, there had been K Street rumors of a “secret” tax reform plan being put together by in-coming Finance Committee Chairman Orrin Hatch (R-UT). Apparently, the “Comprehensive Tax Reform for 2015 and Beyond” report released yesterday is it, although it’s not so much a plan as an analysis of the current code and the challenges policymakers will face in reforming it. After a quick review, it’s obvious the Finance Republican staff spent an enormous amount of time and effort putting this together and it …

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admin2014-12-12T16:22:29+00:00December 12, 2014|

Extenders Update

The tax extenders front has been busy in the last couple days. First, there was the rumor Monday that negotiators were close to a deal. Tuesday, details emerged of a $450 billion package mixing ten permanent items with a two-year extension (2014 & 2015) of most other items. And then yesterday evening the White House issued a veto threat against the package, leaving its prospects very much up in the air.

What’s remarkable about the White House veto threat is that it occurred at all. To our recollection, this is the first time in six years the White House and …

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admin2019-02-01T20:01:38+00:00November 26, 2014|

S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye

Administration on Tax Reform

The President’s economic advisors have been unusually busy in recent weeks. National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft.

It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including:

The Camp Draft is budget neutral while the Administration’s plan would raise revenue;
The Camp …

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admin2014-10-10T19:13:33+00:00October 10, 2014|