Washington Wire
Chairman Smith Quashes Tax Hike Rumors
Missouri Congressman Jason Smith, who heads up the tax-writing Ways & Means Committee, was on Mornings with Maria yesterday to talk all things tax policy. The Chairman was asked about a so-called “millionaire tax,” and his response should give comfort to millions of Main Street businesses that would see their taxes increased under the ill-conceived proposal.
Here’s the key excerpt:
What has been discussed by news media …
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More Pushback on Rate Hikes
The Main Street Employers coalition organized a letter calling on tax-writers to reject rate hikes last week. More than 90 trades, including all our Main Street friends, signed on.
That effort caught the attention of Americans for Tax Reform’s Grover Norquist, who flagged it in a recent media appearance.
President Trump is not going to allow the top rate for income taxes to be increased. That …
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199A Deficit Account Relief
The House last week signed off on a Senate-approved budget resolution that uses a “current policy baseline” method of tallying up the bill’s deficit impact. One quirk of this approach is any existing policies must not be simply renewed but would need to include a substantive change from current law. That means lawmakers using a current policy baseline will need to make tweaks to the Section 199A deduction to stay compliant.
Putting the Tax Hike Debate to Rest
The House yesterday cleared a major hurdle in the effort to move a broad tax package when lawmakers signed off on a Senate-passed budget resolution. With the broad parameters of that legislation in place, Main Street is speaking out against an ill-conceived tax hike proposal. A letter signed by more than 90 trade associations reads:
The so-called “millionaire tax” in question – which actually kicks in at income around $620,000 – would saddle them with …
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Getting Back to Tax Policy
With this morning’s passage of the budget resolution in the House, it’s full steam ahead on the tax policy front. Fortunately, our friends on the small business committees are focused on what’s important – Congress needs to act now to prevent a massive tax hike on millions of Main Street businesses.
That focus was on full display during a House and Senate joint hearing entitled, “Keeping Taxes Low for Small Businesses” which featured two …
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Tax Hike Nonsense
The battle over the Budget Resolution is a spending fight, not a tax fight. There is broad agreement over how to extend the expiring individual and pass-through tax policies, whereas there are significant differences when it comes to spending reductions. The problem for Main Street is some members apparently don’t know the difference.
This chart from CBO tells the whole story. Revenues into the federal government are well above historic norms and rising. Spending, meanwhile, is …
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Talking Taxes in a Truck Episode 41: Ryan Ellis on Tariffs, the “Big Beautiful Bill,” SALT, and More
Between tariffs and budget resolutions, it’s been an eventful and busy week here at S-Corp central. To cover it all, we’re joined by three-time podcast guest Ryan Ellis, the President of the Center for a Free Economy and an IRS Enrolled Agent. Ryan gives us his unvarnished take on the tariffs, the Senate budget resolution, baseline budgeting, SALT Parity, Republican tax hikes and more.
This episode of Talking Taxes in a Truck was recorded on April …
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Clickbait for Tax Hikers
The DC tax community has been buzzing since Axios reported the White House is considering rate hikes to offset their other tax priorities. This from the article:
Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats’ attacks as they seek to extend President Trump’s 2017 tax cuts.
…Under the budget reconciliation rules that Republicans seek to use to extend …
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