Christine Walizer, Author at The S Corporation Association

Does the House Tax Bill Have Legs?

The Ways and Means Committee began marking-up its long-discussed economic package earlier this morning. The package includes a number of provisions important to the pass-through community, including restoring R&E deductions and offering relief from the tighter interest expense caps. Here’s a quick review of the package and what we expect.

Details

The Ways and Means Committee is currently marking up a three tax bills under the banner of the “American Families and Jobs Act.” The goal is for House Republicans to report them out of committee, combine them with work products from other committees, and then bring that broader package to …

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admin2023-06-13T16:07:08+00:00June 13, 2023|

Debt Limit Deal

The BIG news over Memorial Day was the debt limit deal reached by President Joe Biden and Speaker Kevin McCarthy. While the package is an obvious compromise, the result is a big positive signal for the long-term budget picture that should not be overlooked. It’s also a signal that, with tensions high and a hostile press, the government can still operate as it is supposed to.

The deal centers on a suspension of the debt ceiling through calendar year 2024. We did a deep dive last week on what a default would look like, but the takeaway was that those …

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admin2023-05-31T23:14:58+00:00May 31, 2023|

Talking Taxes in a Truck Episode 27: “We’re Not Sure, But It’s Probably Not Good”

For today’s Debt Ceiling-themed episode, we’re joined by repeat guest Joe Lieber, Director of Research at Washington Analysis, an institutional research firm that closely tracks the goings-on in Congress. Joe offers his thoughts on the debt limit negotiations and the odds of a deal being reached, the surprising dynamics within the House Republican caucus, and which provisions are likely to emerge from a potential deal. Later he breaks down how Wall Street and Main Street are reacting to the impasse, what a default on US debt would look like, and the broader implications of growing debt and deficits to S …

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admin2023-05-24T16:40:25+00:00May 24, 2023|

Main Street Tax Certainty Act

Good news for Main Street! Long time S-Corp champion Senator Steve Daines from Montana plans to introduce his “Main Street Tax Certainty Act” later today. Cosponsored by more than a dozen of his colleagues, the bill would prevent rate hikes on America’s individually and family-owned businesses by making permanent the Section 199A 20-percent deduction. This deduction was created by the Tax Cuts and Jobs Act but is scheduled to sunset at the end of 2025.

The introduction of this legislation was widely anticipated in the business community, with more than 140 trade associations representing millions of Main Street businesses, including NFIB, …

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admin2023-05-25T17:56:24+00:00May 18, 2023|

A Post-Disinflationary World

Today’s meeting between Congressional leaders and the President is the first of many to come in what might be termed the post-disinflationary world.

Interest rates peaked at 16 percent in the early 1980s and, following the Volker rate hikes and a nasty recession, the US embarked on an unprecedented 40-year disinflationary period where rates went from record highs to record lows.

Well, that’s over. Rising prices and record deficits are back and, absent a change of course, they are not going to get better. Hence the importance of today’s meeting.

Debt and Interest …

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admin2023-05-09T14:25:12+00:00May 9, 2023|