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Long-Term Tax Policy Outlook

Whoever claimed there’s not a “dime’s worth of difference” between the political parties clearly was not referring to American politics in 2020. For tax policy alone, the difference is in the trillions. On one hand, a Trump victory would likely mean continued divided government, possible consideration (although not adoption) of a middle-class tax cut, and a resumption of the status quo. If Trump has a fifty percent chance of winning next fall, then there’s a fifty percent chance your taxes don’t change substantially in the next few years. On the other, a Democratic victory would likely result in Democrats controlling ...

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Long-Term Tax Policy Outlook2019-11-22T18:24:45+00:00

S Corps and Income Inequality

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 long time that Piketty’s and Saez’s estimates fail to fully account for missing income sources, shrinking households, and the effects of tax policy on reported ...

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S Corps and Income Inequality2019-10-31T20:15:14+00:00

EY on Tax Parity

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 of both effective and marginal tax rates, the analysis shows that prior to TCJA, large S corporations and C corporations faced similar tax rates. Rough ...

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EY on Tax Parity2019-10-25T18:43:24+00:00

Wealth Taxes Pose Existential Threat to Private Businesses

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 is so much more to it.  Wealth taxes: Are far larger than their headline numbers suggest; Paid on top of all existing taxes; Hit hardest ...

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Wealth Taxes Pose Existential Threat to Private Businesses2019-10-22T14:03:18+00:00

Main Street Hill Briefing

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 Group.  Box lunches will be provided. You can see the official event flyer here.  To RSVP, please contact us at admin@s-corp.org.

Main Street Hill Briefing2019-10-17T16:08:54+00:00