On our latest episode we’re joined by Jade West, the National Association of Wholesaler-Distributors’ Chief Government Relations Officer and Courtney Titus Brooks, Senior Manager of Federal Relations at the National Federation of Independent Business. Jade and Courtney break down what’s in the latest legislative framework (and why it’s bad for Main Street businesses), and how last week’s failed vote in the House, comments from Senator Joe Manchin, and other recent events affect its chance of passage. They also explain how the Virginia gubernatorial race ties into the frenzied effort to move a reconciliation bill, and lay out their predictions for …
S-Corp joined with over 100 trade associations today in urging Congress to reject the White House’s Build Back Better framework, the latest version of Democrats’ multi-trillion-dollar tax and spend plan.
This latest iteration replaces the many problematic tax hikes in previous drafts with new – but equally problematic – tax hikes, the sum of which would disproportionately hit Main Street businesses. Under this framework, the 21-percent tax rate on large multinational corporations remains unchanged while the top rate on Main Street businesses rises to over 50 percent!
Since the bill changes every day or two, it’s been difficult to highlight this …
Lynn Mucenski-Keck, a Partner at the accounting firm The Bonadio Group, has a fantastic piece in Forbes that makes the pass-through case against the framework’s tax increases.
“Pass-Through Owners Bear the Hit with Proposed Federal Tax Law Changes,” explains how a bill purportedly targeting billionaires and large corporations instead goes after Main Street businesses organized as pass-throughs. The excerpt below sums things up perfectly:
Unfortunately, when you follow the money, the picture starts to reveal that the taxpayers bearing the burden for the revenue are disproportionately pass-through entity owners, and not the large multinational companies and estates as many believed.
Over the past year, S-Corp has attempted to arm its allies on and off the Hill with as many tools and resources as they need to fight the tax hikes moving through Congress. Today, we are releasing new data from EY showing just how many communities and districts rely on private companies and pass-through employers for their jobs.
These numbers are just the latest in a long list of advocacy items S-Corp has authored or sponsored that show just how misguided the House tax hike legislation is. Below is a complete summary of all these items, together with links to all …