Contact your Representative and Senators!

Congress is taking on tax reform for the first time in three decades and the future of your S corporation is at stake.

Some tax writers would like to cut rates on C corporations only, ignoring your business and forcing you to pay higher taxes.  This is simply wrong and something S-Corp has been fighting since 2011.

The good news is the Framework released earlier this year would reduce top rates on pass through businesses to the lowest level in our lifetimes, treating Main Street businesses fairly and helping to restore rate parity for successful family businesses nationwide.

This approach faces two key challenges.  First, opponents call the new rate a loophole and unwarranted tax break for the rich, ignoring the millions of jobs successful pass through businesses provide to the economy.

Second, efforts to ensure the new lower rate is reserved for business profits only have the potential to undermine the value of the rate for real businesses earning real profits.  Congress must resist calls to punish Main Street businesses simply because they are successful even as it works to ensure the new rate is broad and applies to all active pass through business income.

What should you do?

  • First, call your tax advisers to assess how the Framework will affect your business.  Lower rates, estate tax repeal, and repeal of the Alternative Minimum Tax are important reforms for family businesses; and
  • Second, fill out the information below to send a note to your Senators and Representative to educate them on how the Framework will help your ability to invest and create jobs.

Congress will take up the tax reform bill next month, so time is short!  You need to act now.

Dear Senator/Representative:

As an S corporation owner and employer in your state, I strongly encourage you to support tax reform that levels the playing field for Main Street businesses.

There are many reasons to support cutting rates for C corporations, but there are even better reasons to cut rates for pass through businesses.  Pass through businesses organized as S corporations same competitive challenges as they do, yet the tax rates we pay are even higher.

Our country is unique in its reliance on small and family-owned businesses for job creation and economic growth.  Businesses like mine are the backbone of the American economy – we employ the majority of private sector workers and we generate the majority of business income.

Just as importantly, we provide an important safety net of stability, helping to spread critical decisions about hiring and investing away from financial centers and into local communities across the country.

To ensure the continued health of these communities, please support tax reform that makes employers of all sizes more competitive.  That means restoring rate parity, eliminating the estate tax, and eliminating the individual AMT.  These steps would go a long way towards making Main Street more competitive, and I appreciate your support of them.

Sincerely,

 

Please fill out the form below to submit this message to your Representative.

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