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Reviewing the SALT Parity Landscape

Thanks to the efforts of S-Corp and our allies over the past five years, 31 states have adopted our SALT Parity reforms to date, with another half-dozen actively considering them. Those new laws have enabled pass-through businesses to save north of $10 billion each year, a figure that will only increase as more states and businesses embrace the approach.

As background, the 2018 Tax Cuts and Jobs Act subjected deductions on state and local taxes (SALT) on pass-through business income to

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2023-03-23T14:53:46+00:00March 23, 2023|

State Wealth Taxes Target Family-Owned Businesses

Shark Tank’s Kevin O’Leary went on CNN last week and made the case for how the policies in some states are making them “uninvestable.”  Not sure that’s a word, but he has a point. It’s worth watching.

What sort of policies is he talking about?  Wealth taxes, for one. The topic of wealth taxes at the state level has been top of mind since January when, as part of a coordinated effort, lawmakers in numerous states introduced a series of related bills, including:

2023-03-20T18:40:47+00:00March 20, 2023|

New Budget Continues the Assault on Main Street

President Biden unveiled his budget proposal for the upcoming fiscal year yesterday and, as we predicted, it’s packed with tax hikes and other poorly-conceived policies that directly target the Main Street business community. The document calls for $4 trillion in tax hikes, nearly half of which would fall on the backs of small and family-owned businesses.

In response, S-Corp joined with 85 trade associations yesterday – including the American Farm Bureau Federation, Associated General Contractors, and the National Restaurant Association – to urge lawmakers to strongly oppose these provisions. The letter reads:

The President claims his budget will only

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2023-03-10T18:50:45+00:00March 10, 2023|

An Anti-Main Street Budget

The President is set to release his third budget later today and, as in the past, it’s sure to call for higher taxes on family-owned businesses.  The Administration already circulated a fact sheet on its Medicare plan which includes a $300 billion-plus tax hike on S corporations and partnerships (see below).  Meanwhile, the President has been talking for weeks about making “super-wealthy tax cheats” pay more in taxes. That’s code for raising taxes on private companies that already pay lots of taxes.

Here’s what S-Corp members should look for in today’s release, and what it all means for them and

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2023-03-09T14:50:22+00:00March 9, 2023|

It’s the Spending

Tonight’s State of the Union address will call for increased stock buyback taxes and a billionaire minimum tax, among other items.  Neither is going anywhere.

Business owners should focus instead on the pending debt limit debate, which has begun in earnest and has the potential to establish the tax and spending battlelines for the coming decade.

The simple fact is the federal government is entering into unprecedented territory when it comes to our deficits and debt, which should signal the end of the last decade’s laissez-faire approach to Federal deficits.  That in turn could force Congress to make big decisions about

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2023-02-08T01:11:34+00:00February 8, 2023|