Cornerstone Macro Partner Andy Laperriere talks elections, the State of the Union, the future of tax policy, and UFOs with S Corporation Association President Brian Reardon in the inaugural “Talking Taxes in a Truck” podcast.
Listen by clicking here.
Dear S-CORP Member:
The S Corporation Association recently surveyed voters and asked them how much private companies and other taxpayers should pay in taxes every year?
Almost without exception, the responses were consistent, reasonable and completely out of step with today’s rhetoric. Voters believed family businesses should pay no more than twenty cents for every dollar of income, or about half what most actually pay and less than one-third what they would pay under a wealth tax as proposed by Senators Warren and Sanders.
How to explain the disconnect? How can voters support reasonable tax rates on one hand and destructive …
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Video on Main Street Employers’ Briefing
In case you missed it, S-Corp has posted video of its October briefing on Main Street tax issues on its website. The briefing, which took place in the historic Senate Russell Caucus Room and was hosted by the Parity for Main Street Employers coalition, featured Senator Steve Daines (R-MT), Martin Sullivan (Tax Analysts), Bob Carroll (EY), David Winston (The Winston Group) and Chris Smith Parity for Main Street Employers).
It also featured new work from EY and the Winston Group focused on the challenges individually and …
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Yesterday, the Main Street Employers coalition sent a letter to House tax writers raising concerns with their plan to provide temporary relief from the SALT deduction cap by raising the top tax rate applied to pass-through business income. As the letter states:
Individually and family owned businesses organized as S corporations, partnerships and sole proprietorships are the heart of the American economy. They employ the majority of workers, and they contribute the most to our national income. They also pay the majority of business taxes. A recent study by EY found that pass-through businesses pay 51 percent …
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Whoever claimed there’s not a “dime’s worth of difference” between the political parties clearly was not referring to American politics in 2020. For tax policy alone, the difference is in the trillions.
On one hand, a Trump victory would likely mean continued divided government, possible consideration (although not adoption) of a middle-class tax cut, and a resumption of the status quo. If Trump has a fifty percent chance of winning next fall, then there’s a fifty percent chance your taxes don’t change substantially in the next few years.
On the other, a Democratic victory would likely result in Democrats controlling both the …
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