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Washington Wire

S Corps and Income Inequality

October 31st, 2019|

Much of today’s tax policy debate is premised on the notion that income inequality is bad and getting worse. Economists Piketty and Saez have published numerous papers making this case (here, and here), and Saez recently wrote a book arguing for a wealth tax to address this inequality. But what if their premise is simply wrong? What if the whole income inequality narrative itself is built on a faulty foundation? It’s been known for a ...

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EY on Tax Parity

October 24th, 2019|

EY has published a new study commissioned by the S Corporation Association entitled “Large S Corporations and the Tax Cuts and Jobs Act: The economic footprint of the pass-through sector and the impact of the TCJA.”  The study’s author, Robert Carroll, will be featured at the Main Street briefing today held in the Russell Senate Office Building.  You can read the full study here. Key takeaways from Bob’s work include: Pass-Through Tax Parity: In terms ...

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Wealth Taxes Pose Existential Threat to Private Businesses

October 22nd, 2019|

The Peterson Institute held a “Combating Inequality” event last week that included a vigorous debate over wealth taxes.  The heavyweight match between Emmanuel Saez – the leading advocate for wealth taxes these days – and Larry Summers in particular is worth watching. One aspect missing from the debate, however, was how wealth taxes would handcuff successful private businesses.  Summer briefly touches on the challenge his family’s hardware store would have paying the tax, but there ...

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Main Street Hill Briefing

October 17th, 2019|

The Parity for Main Street Employers coalition and the S Corporation Association will host a Hill lunch briefing at noon on October 24th in the Kennedy Caucus Room (SR-325). The briefing is open to Hill staff and tax professionals, and will focus on the pass-through sector and how it has fared under tax reform.  Speakers include Senator Steve Daines (MT), Marty Sullivan with Tax Analysts, Bob Carroll with EY, and David Winston with the Winston ...

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Grading the TCJA, Two Years Later

September 27th, 2019|

The American Enterprise Institute has a new“Trump Tax Reform Blog” series on its website.  Over the next month, tax policy folks from both sides will weigh in on the reform and whether it’s working.  You can read the current posts here. Our invitation to comment must have got lost in the mail, but no worries, it’s a brave new world and we can comment anyway.  Here’s our report: Has the TCJA helped American workers and ...

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