Washington Wire
SALT Parity 2.0
One BIG Main Street win in the One Big Beautiful Bill (OB3) was what didn’t happen: Congress rejected ill-considered proposals in both the House and Senate drafts to limit pass-through entity (PTET) deductions for state and local taxes (SALT).
That was huge for many reasons, but primarily because the C corporation down the street continues to fully deduct their SALT. In what rational world is Home Depot allowed to deduct its SALT, but your …
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The Assault on Privacy Continues
Treasury’s rollback of the wildly overbroad Corporate Transparency Act (CTA) reporting requirements was a major step in protecting the privacy of Main Street business owners, but it’s not the only threat out there.
New mandatory country-by-country (CBC) reporting for multinational enterprises (MNEs) operating in Australia marks a radical departure from established practices by forcing private enterprises to expose commercially sensitive and personally linked information to the public domain. The regime is disproportionate, intrusive, and …
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Webinar Recap: OBBB Resonates with Voters
Earlier today, S-CORP hosted a webinar featuring David Winston and Myra Miller of The Winston Group, longtime experts in measuring voter attitudes on tax policy. The focus was the One Big Beautiful Bill and its Main Street tax provisions, which are not only good policy but also extremely popular with voters.
So how popular are these provisions?
Very. The Winston Group’s research shows broad, bipartisan support across key items in the bill. For example, Section …
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What’s Next for 199A?
Enactment of the Big Beautiful Bill was a big beautiful win for Main Street – making permanent the lower tax rates, 20-percent deduction for small and family-owned businesses, and the higher estate tax exemptions. All these provisions help pass-through businesses compete with their larger, publicly-owned competition and they help to protect the 2.6 million jobs that depend on the 199A deduction.
With the bill signed into law, what’s next? This from Bloomberg:
“Everyone’s been coming …
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199A on the Line as House Prepares to Vote
With the House preparing to vote as early as today on the Senate-passed reconciliation bill, any lawmakers still undecided should take a close look at what’s at stake for Main Street businesses across the country. Absent congressional action, these businesses will be hit with an unprecedented tax hike, putting millions of jobs and billions in wages and economic growth at risk.
The urgency here stems from the looming expiration of the Section 199A deduction, which sunsets …
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Main Street Supports Senate Tax Bill
A strong coalition of Main Street trades came out today in strong support of the Big Beautiful Bill pending before the Senate. A coalition letter signed by more than 90 trade associations reads:
This legislation builds on the foundation laid by the Tax Cuts and Jobs Act and advances a forward-looking, pro-growth tax agenda that supports tens of millions of Main Street enterprises. Critically, it would provide long-overdue certainty to the more than 95 percent …
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Big Main Street Win on SALT
Here’s a good news story to kick off the weekend – Punchbowl News reports that lawmakers are striking the onerous SALT limitation from the reconciliation package as part of a broader compromise between the House and Senate:
The outlet also reports that the White House played a key role in helping broker the deal:
Treasury Secretary Scott Bessent is briefing Senate Republicans behind closed doors …
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Main Street Backs 199A Expansion
With the reconciliation bill process reaching its final stages,120 trade associations today called on the Senate to incorporate a key part of the House-passed bill: an expansion of the 199A deduction from 20 to 23 percent. As the letter states:
Expanding Section 199A will help preserve tax parity between pass-through businesses and larger public corporations while helping ensure the Senate bill does not raise taxes on millions of Main Street businesses.
The Section 199A deduction plays …
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