, Author at The S Corporation Association

Obama and S Corporations

The Texas and Ohio presidential primaries are dominating the news today, so we thought web d take a look at the candidatesb tax policies and see how they would affect S corporations.B B Web ll start with Illinois Senator Barack Obama.

So would an Obama presidency be good for S Corps?B Hereb s a quick summary of his positions and how they might affect Main Street.

Income Tax Rates:B Obama supports letting the top tax rates revert to their pre-2001 levels.B In other words, the top tax rate would rise from 35 back …

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admin2019-02-06T18:43:57+00:00March 4, 2008|

Peering into the Future of Tax Policy

We’ve been asked to gaze into our crystal ball and see what the future of tax policy looks like. For S Corporations, it looks a lot like when the Ghost of Christmas Future popped in to see Ebenezer Scrooge. Nothing has been etched in stone yet, but it’s still not a pretty picture of things to come.

On the macro level, three factors are going to frame the tax policy debate in the next Congress:

1. All the tax relief enacted in 2001 and 2003 expires at the end of 2010. Unless Congress takes action, tax rates on individuals and flow-through businesses, …

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admin2019-02-06T18:43:57+00:00February 25, 2008|

President to Sign Fiscal Stimulus

The President is expected to sign the fiscal stimulus package on Wednesday. After two weeks of hand ringing and posturing, the Senate finally adopted a slightly modified version of the bill the House and the President originally had negotiated.

As sent to the President, the package would:

Send checks of $600 per filer and $300 per child to families with joint incomes of less than $150,000. Actual amounts will be calculated based on income tax filings for 2007, so expect the actual checks to be in the mail by late spring and early summer.
Encourage new business investment by increasing the limit on …

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admin2019-02-06T18:43:57+00:00February 11, 2008|

President’s Budget is Good for S Corporations, Too Bad Congress will Ignore It

The President’Fs fiscal year 2009 budget was released this morning together with the “Blue Book“ describing his proposed tax policies. Here are a couple thoughts as Congress begins the process of putting together its tax and spending bills for the coming year.

First, the whole process of the President’s budget has a strong element of unfairness to it. For the past three decades, every President has put together a comprehensive annual budget and sent it up to the …

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admin2019-02-06T18:43:58+00:00February 4, 2008|

Stimulus Boost to Senate Bill

The initial GDP estimate for the first quarter of 2008 (based on data from October, November and December 2007) came in yesterday at a very low 0.6%.

That’s a big reduction from the 4.9% increase in the 3^rd quarter, and makes clear that the subprime and credit market problems that emerged beginning in August are reverberating through the broader economy.

Congress is responding. The House passed stimulus legislation on Tuesday by an overwhelming margin that would provide tax rebate checks to families of $1,200 per couple and $300 per child, as well as allowing businesses to write-off investments faster and banks to …

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admin2019-02-06T18:43:58+00:00January 31, 2008|