Washington Wire
Oppose the Nancy Pelosi Tax Hike
There are a number of mysteries embedded in the House reconciliation bill, but number one among those is why the House is taking tax advice from former Speaker Nancy Pelosi.
Buried in the House bill is a provision championed by the former Speaker to treat the active losses of a pass-through worse than any other type of loss. The provision targets family businesses and would effectively preclude many of them from ever realizing these losses. …
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In Defense of SALT Parity
House passage of the big reconciliation bill is a welcome development for the millions of Main Street job creators otherwise facing a massive tax hike next year. S-Corp enthusiastically supports the measure, but one question remains — why does a bill designed to prevent tax hikes on small and family-owned businesses raise taxes on many of those businesses instead?
To recap – the House-passed bill would limit SALT deductions for millions of pass-through business owners …
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Pro Main Street Tax Bill Passes House
The House adopted the One Big Beautiful Bill Act (yes, that is the official title) by a vote of 215-214 this morning. This is good news for Main Street businesses, who have a lot at stake in this effort – failure by Congress to act would result in one of the larger tax hikes in history, so success is essential here.
Pro-Main Street provisions in the bill include making permanent the lower rates on pass-through …
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Voters Support Main Street Tax Cuts
With the House preparing to consider the big reconciliation bill this week, our friends at the Winston Group have delivered some good news – turns out, the American voters support keeping taxes on Main Street businesses low and they think excess spending, not taxes, is the problem when it comes to the deficit.
According to the Winston Group:
From the electorate’s perspective, government spending is by far the bigger problem than not enough revenue coming from …
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Tax Nerds Gone Wild
Main Street supports the tax bill adopted by the Ways and Means Committee this week, but not all the bill’s provisions are worth keeping. The House provision limiting SALT deductions on pass-throughs is a good example of why the “experts” need close supervision. These provisions are hopelessly complicated and will hurt members of the very Main Street business community this bill is supposed to help.
First, some history. The TCJA imposed a new $10,000 cap …
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Main Street Backs Tax Package
More than ninety trade associations came out in support of a broad tax package before the House Ways & Means Committee later today. The legislation builds on the TCJA by making permanent and expanding several key provisions important to America’s pass-through community.
As the letter reads:
This legislation would provide certainty to the more than 95 percent of all American businesses structured as S corporations, partnerships, and sole proprietorships. These pass-through businesses employ 62 percent of the …
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Rate Hikes Still in Play
The White House as recently as yesterday was actively pushing lawmakers to include a rate hike in Tuesday’s Ways & Means markup, with Commerce Secretary Howard Lutnick telling reporters the rate hike was a “smart” move. Then this morning President Trump appeared to back off the effort, posting the following:
An hour later NEC Director Kevin Hassett appeared on CNBC and when asked about …
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Main Street (Still) Opposes Rate Hikes
The buzz on K Street is that the White House has resumed its push for Congress to raise the top tax rate as part of the upcoming tax package. If you’re confused by this (possible) development, so are we. Just a couple of weeks ago, the President signaled his opposition to rate hikes. Now they might be back on the table.
While that may be the case, it’s hard to envision a world in which …
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