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Main Street Gets Squeezed

If the Senate needs more reasons to drop the toxic Build Back Better Act, here’s a good one – job creation on Main Street has been negative over the past four months.  A recent piece in the Wall Street Journal detailed the struggles small employers face in the current job market:

Head counts at companies with fewer than 50 employees declined in three of the past four months, according to ADP payroll data, even as employment at larger firms continued to grow.

We highlighted this divergence several months ago, after the White House conveniently glossed over job losses at small

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2022-06-24T20:35:34+00:00June 24, 2022|

Stop Main Street Tax Hikes

With Congress set to depart DC for the next two weeks, there’s been a notable increase in chatter regarding the status of BBB negotiations:

  • On Friday, Politico reported that Schumer and Manchin met twice last week.  They’ve only met six times this whole Spring, so that suggests the pace of discussions is ramping up.
  • Monday, Bloomberg published an article suggesting that talks were making progress, including a specific agreement on EV tax credits.
  • Yesterday, Bloomberg reported that a new fee on methane emissions from oil and gas operations is going to be part of the package.
  • And

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2022-06-23T15:31:15+00:00June 23, 2022|

Congress Needs Its Anti-Recession Tools

With the odds of a recession rising, a common tool used to counter past slowdowns may no longer be available.  That’s bad news for private businesses and the workers they employ.  Congressional tax-writers need to start thinking about this issue now, while there’s still time to address it.

The tool in question is allowing businesses suffering losses to carry those losses back to previous years, reducing their tax liability in those years, and receiving refunds now while the economy is doing poorly.  The benefit itself is mostly one of timing.  Any refunds received while the economy is slow will be

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2022-06-13T12:27:55+00:00June 10, 2022|

Talking Taxes in a Truck Episode 21: “BBB Resurrection, or Not”

Our podcast guest is Liam Donovan, a Principal at Bracewell LLP and certified “bluecheck” commentator (@LPDonovan) on national politics. Liam and Brian discuss the latest K Street rumors of a resurrected Build Back Better Act, how the Twitter-sphere helped debunk the “plan” and why, despite all this, it’s still too early to declare the effort dead. Liam also shares his thoughts this week’s primaries and lays down his predictions for the House and Senate this fall. We close out with a trip down Hoyas basketball memory lane, a harsh critique of Maryland drivers, and a movie recommendation.

This episode of

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2022-06-08T19:20:16+00:00June 8, 2022|

The $10 Billion Tax Cut No One’s Talking About

The Wall Street Journal’s Richard Rubin is out with a new piece that looks at our ongoing SALT Parity efforts, and the massive savings they’ve unlocked for hundreds of thousands of family businesses across the country.

Before getting to the good news, a quick primer for those new to the issue. The state and local tax (SALT) deduction cap imposed by the Tax Cuts and Jobs Act (TCJA) put S corporations and partnerships at a competitive disadvantage.  C corporations could continue to fully deduct their SALT as a business expense while

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2022-05-31T20:40:40+00:00May 31, 2022|