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Latest on Payroll Tax Hike and Extenders

Earlier today, the Senate voted earlier on its version of the "extenders plus" bill passed by the House a few weeks back. The vote, on a motion to waive a Budget Act point of order, failed miserably (45-52), indicating the Senate Leadership has a long way to go before they gather the sixty votes necessary to move forward. With this morning's vote behind us, the process moving forward is becoming clearer--Finance Chairman Max Baucus (D-MT) is expected to introduce a new substitute today. According to BNA: Baucus is expected to draw up a new substitute amendment that will be a ...

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By |2014-02-28T18:26:04+00:00June 16th, 2010|Tax Policy, The Washington Wire|Comments Off on Latest on Payroll Tax Hike and Extenders

Senators Snowe and Enzi Take On Small Business Tax Hike

The payroll tax hike in the House-passed extenders bill moves to the front burner in the Senate this week. Senators Olympia Snowe (R-ME) and Mike Enzi (R-WY) introduced an amendment late last week to strike the provision from the bill. As a potential swing vote on the overall package, Snowe's opposition in particular is sure to catch Leadership's eye. "At a time when Congress continues to dither on enacting a small business jobs bill, Section 413 is a poison pill in this tax bill, robbing American small businesses of the capital they need to create new, good-paying jobs," Senator Snowe ...

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By |2014-06-16T18:18:33+00:00June 14th, 2010|Tax Policy, The Washington Wire|Comments Off on Senators Snowe and Enzi Take On Small Business Tax Hike

Payroll Tax Hike Taken Up in the Senate

The Senate began debate on the bloated tax extender package today. The House passed its version 215-204 shortly before leaving for the Memorial Day recess on May 28th. That vote was supposed to take place earlier in May, leaving time for the Senate to take action, but opposition to the tax hikes and higher deficits called for in the bill delayed consideration until the Leadership was able to cobble together the votes. As a result, the Senate had already left town and is just now taking up the bill today. Regarding the schedule, Senator Reid faces a tight window to ...

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By |2014-06-16T18:19:33+00:00June 8th, 2010|Tax Policy, The Washington Wire|Comments Off on Payroll Tax Hike Taken Up in the Senate

S-CORP Opposes Extender Pay-For

Your S-CORP team has been busy hitting the Hill in opposition to this payroll tax provision in recent days. Late last week, the House Ways and Means Committee released its package of tax extenders, partially offset by an expansion of the S corporation payroll tax to firms in service industries. While the S corporation community knew the payroll tax hike was under consideration, this was the first time we had seen an actual proposal and it took us a couple days to get a read on who would be affected. The provision is much broader than advertised. It begins by ...

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By |2014-06-16T18:49:40+00:00May 26th, 2010|Tax Policy, The Washington Wire|Comments Off on S-CORP Opposes Extender Pay-For

Payroll Tax Update

Congressional taxwriters, especially in the House, continue to express interest in raising payroll taxes on active S corporation shareholders as an offset to the tax extender package under consideration, and the business community has responded. Nineteen groups penned letters to Chairmen Levin of Ways and Means and Baucus of Senate Finance, highlighting their concerns with the proposal. As BNA reported: Small business groups urged in an April 28 letter that House Ways and Means Committee Chairman Sander Levin (D-Mich.) abandon a proposal that would raise payroll taxes paid by S corporation shareholders. The proposal is being considered as a possible ...

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By |2014-06-16T18:51:50+00:00May 6th, 2010|Tax Policy, The Washington Wire|Comments Off on Payroll Tax Update