Washington Wire

BBB Will Make Inflation Worse

January 21, 2022|

Americans are correctly alarmed by the recent spike in prices, while Senator Manchin has made rising prices a key rationale for his opposition to the massive Build Back Better Act (BBB).  Both believe the BBB, particularly the tax hikes, will drive up prices even further.

President Biden and others, on the other hand, push back on the idea that the BBB will drive up prices.  As the President said in his press conference the other

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SALT Parity Offers Massive Savings for Main Street

January 14, 2022|

With the Build Back Better Act stalled in the Senate, states should resume efforts to enact our SALT Parity legislation this year.  The SALT cap appears here to stay, at least through 2025, and the savings potentials for family businesses are substantial.

How substantial?  As reported by Richard Rubin in the Wall Street Journal, new numbers out of New York show that that S corporations and partnerships paid $11 billion under the new Pass-Through Entity

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Amid Record Inflation, Business Community Calls on Congress to End BBB Talks

January 12, 2022|

Today’s Bureau of Labor Statistics report showed inflation surging at its fastest pace in 40 years with the consumer price index increasing 7 percent year over year.  Despite these rising prices, lawmakers and the White House are still working to pass the multi-trillion-dollar tax hikes included in the Build Back Better Act.

In response, over 90 trade associations today called on Congress to end efforts to pass Build Back Better and shift its focus

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Manchin a “No” on BBB

December 19, 2021|

The Build Back Better (BBB) bill would have harmed family businesses, cost jobs, and accelerated the economic consolidation already taking place in this country.  It would have been a negative for those states and communities that rely on family businesses as the core of their economies and their social institutions. That’s why S-Corp and the Main Street Employers coalition have been fighting it for the past year.

And now it’s dead – or at least on

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S-Corp Joins SALT Parity Panel Discussion

December 13, 2021|

Last week, S-Corp President Brian Reardon joined a panel discussion on our SALT Parity efforts. Hosted by Tax Analysts, the webinar sought to explain why these laws are necessary, who benefits, and what effect current proposals in Congress might have on them.

For those new to the issue, the SALT deduction cap imposed by the Tax Cuts and Jobs Act put S corporations and

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Family Businesses Targeted by BBB

December 8, 2021|

Ways and Means Republicans held a panel discussion on the Build Back Better (BBB) Act’s impact on individually and family-owned businesses yesterday morning, and just in time.  Main Street is panicked over the possibility that the House-passed bill will be signed into law, and new numbers from EY demonstrate why.

The BBB would raise taxes on businesses organized as S corporations, partnerships, and sole proprietorships by more than $500 billion over ten years.

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Another Reason Main Street Opposes the BBB

December 6, 2021|

The House-passed Build Back Better Act represents an existential threat to many S corporations.  Not only would the bill raise their rates to the highest in the OECD, it would impose limitations to deducting their active business losses that are worse than those that apply to passive losses.  If your goal is to force all large pass-through businesses into the C corporation model, this is your bill.

On the rate front, the BBB makes no

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Winston on Build Back Better

December 2, 2021|

The Biden Administration has attempted to sell its $2 trillion Build Back Better plan, including $540 billion in tax hikes on family businesses, as popular with voters.  That’s simply not true.

An op-ed published yesterday by David Winston in Roll Call makes this clear.  The results of his firm’s latest survey reveal a glaring disconnect between the goals of Build Back Better and the priorities of everyday Americans. As Winston writes:

Political leaders have to

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