SALT Parity Bills Hit Governor’s Desk in CO and IL
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The Biden administration’s tax proposals pose a triple threat to individually- and family-owned businesses. They raise taxes on Main Street Employers when they earn income, when they sell the business, and when they pass the business on to their kids. The business community is understandably alarmed at the prospect that these policies could be enacted, but exactly what are their prospects and what is the timing of potential action? Here is the latest.
Later, Not Sooner
Three announcements last week helped clarify the process, timing, and content of a potential tax and spending package in Congress:
With Treasury’s Green Book hot off the presses, we asked Tax Notes Chief Economist Marty Sullivan to review the ins and outs of the Biden administration’s latest tax proposals – from retroactive capital gains taxes to taxing book income to potential changes on the international front. Marty gazes into his crystal ball to give us odds on legislative action this year, and then informs us where the best urban hiking trails are.
Our latest “Talking Taxes in a Truck” was recorded on June 2, 2021, and runs 46 minutes long.
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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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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