Washington Wire

BBB Still Harmful to Main Street

November 22, 2021|

Ken Kies is out with an excellent piece today that breaks down how bad of a deal the House-passed Build Back Better Act is for pass-through businesses. As the former Joint Committee on Taxation head explains, even though this latest bill abandons efforts to repeal the 199A deduction, the tax hikes that remain create an “extreme disparate treatment” for pass-throughs compared to C corporations.

Kies focuses on the House bill’s new surtaxes (5 percent

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Americans Oppose BBB: New Survey

November 18, 2021|

The House is back and has its sights set on passing the multi-trillion-dollar tax and spending package known as the Build Back Better (BBB) Act. How do voters feel about a 2,400-page bill that targets Main Street businesses with $500 to $600 billion in higher taxes?  With lawmakers in a panic to advance the legislation, they evidently forgot to ask their constituents – so we did.

A new poll by the Winston Group asked 1,000

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Biden Framework Still Targets Family Businesses

November 16, 2021|

A key aspect of the Biden “framework” under consideration in the House is how it targets family businesses with modest incomes through the discriminatory treatment of taxable trusts.

That’s because the rate hikes on trusts in the bill have income thresholds well below the headline levels that would apply to individuals.  These lower levels are an apparent attempt to discourage gaming, but they hit existing trusts that predate the new rules, as well as modestly-sized family

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Talking Taxes in a Truck Episode 17: “Follow the Money”

November 10, 2021|

Our latest podcast guest is Lynn Mucenski-Keck, a Partner at New York-based tax and consulting firm The Bonadio Group and author of an excellent piece in Forbes that recently caught our attention. Lynn walks us through the various tax hikes included in the latest House tax bill, and highlights the threat they pose to the pass-through business community. She also sheds some light on how she’s helping clients navigate this uncertain future, and even

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Talking Taxes in a Truck Episode 16: “The Circular Firing Squad”

November 3, 2021|

On our latest episode we’re joined by Jade West, the National Association of Wholesaler-Distributors’ Chief Government Relations Officer and Courtney Titus Brooks, Senior Manager of Federal Relations at the National Federation of Independent Business. Jade and Courtney break down what’s in the latest legislative framework (and why it’s bad for Main Street businesses), and how last week’s failed vote in the House, comments from Senator Joe Manchin, and other recent events affect its chance of

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Main Street Highlights Opposition to Framework

November 3, 2021|

S-Corp joined with over 100 trade associations today in urging Congress to reject the White House’s Build Back Better framework, the latest version of Democrats’ multi-trillion-dollar tax and spend plan.

This latest iteration replaces the many problematic tax hikes in previous drafts with new – but equally problematic – tax hikes, the sum of which would disproportionately hit Main Street businesses. Under this framework, the 21-percent tax rate on large multinational corporations remains unchanged while

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Forbes Highlights Hit to Pass-Throughs

November 2, 2021|

Lynn Mucenski-Keck, a Partner at the accounting firm The Bonadio Group, has a fantastic piece in Forbes that makes the pass-through case against the framework’s tax increases.

“Pass-Through Owners Bear the Hit with Proposed Federal Tax Law Changes,” explains how a bill purportedly targeting billionaires and large corporations instead goes after Main Street businesses organized as pass-throughs. The excerpt below sums things up perfectly:

Unfortunately, when you follow the money, the picture starts to reveal that

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New EY Employment Numbers and Main Street Resources

November 1, 2021|

Over the past year, S-Corp has attempted to arm its allies on and off the Hill with as many tools and resources as they need to fight the tax hikes moving through Congress.  Today, we are releasing new data from EY showing just how many communities and districts rely on private companies and pass-through employers for their jobs.

These numbers are just the latest in a long list of advocacy items S-Corp has authored or sponsored

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