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Give FATCA a Chance

Two months ago, we posted a Wire entitled “Hit and Run Economics” that highlighted a new NBER Working Paper – coauthored by Gabriel Zucman – that claimed the Tax Gap is much larger than previous estimates and exceeds $1 trillion a year.

At the time, we predicted the shelf life of the “study” would be a few months, because that’s how long it would take real economists to digest the work and correct it.  Zucman and his frequent collaborators Piketty and Saez have a long history of publishing questionable papers that fail to stand up to scrutiny.

In this case, it only

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2021-05-20T14:18:57+00:00May 20, 2021|

SALT Parity Continues to Roll

More good news to report on the SALT Parity front! Just yesterday, South Carolina Governor Henry McMaster signed our parity legislation into law. As a result, more than 300,000 S corporations and partnerships in the state will have access to some $38 million in annual tax relief. That’s a big deal, especially for businesses that have been hardest hit by the pandemic.

South Carolina now becomes the 13th state to enact our SALT Parity legislation, and joins Georgia, New York, Idaho, Arkansas, Alabama, Maryland, New Jersey, Rhode Island, Louisiana, Oklahoma,

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2021-05-18T20:05:19+00:00May 18, 2021|

Webinar Recap: Biden Tax Plan and Pass-Through Businesses

Earlier this week, S-Corp President Brian Reardon hosted a webinar for its membership to highlight the threat President Biden’s American Families Plan poses to individually and family-owned businesses.

The presentation focused on the “Triple Threat” pass-throughs face from the plan — it would raise taxes on their operations, their sale, and when they are passed on to the next generation.  This combination of tax hikes threatens their very ability to exist.

The webinar also addressed the faulty assumptions underpinning the Biden tax plan, including the fictions that the tax code has become less progressive

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2021-05-25T17:26:55+00:00May 13, 2021|

The Myth of Beneficial High Tax Rates

The inequality narrative driving tax policy this year is built on three shaky foundations: (1) that the rich have captured all the economic gains in recent years, (2) that Americans support very high tax rates, and (3) that America thrived under much higher tax rates than are being considered today.  S-Corp addressed the first two fallacies (here and here).  A recent Senate Finance Committee hearing on how to make the tax code fair provides a good example of why the third leg is just as unstable.

The hearing featured Abigail Disney, who is part of the group

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2021-05-05T15:22:26+00:00May 5, 2021|

Talking Taxes in a Truck Episode 9 – Tax Foundation President Scott Hodge

Scott Hodge, President of the Tax Foundation, joins to discuss details of the Biden administration’s latest tax proposal, the economic effects of policies being considered (spoiler alert: they’re not good), and his recent appearances before the Senate Finance and Budget committees. Scott also shares his predictions on the Washington Nationals’ prospects this year, and debates Brian on motorsports.

Our latest “Talking Taxes in a Truck” podcast was recorded on April 28, 2021, and runs 21 minutes long.

 

2021-04-28T19:30:17+00:00April 28, 2021|