The effort to make permanent the Section 199A Main Street business deduction just hit a significant milestone.

In just two weeks the Main Street Tax Certainty Act (H.R. 4721), introduced by Congressman Lloyd Smucker, has garnered the support of more than 100 House cosponsors. Among those backing the legislation are Democratic Representatives Henry Cuellar (TX) and Josh Gottheimer (NJ), and all 25 Republican members of the Ways & Means Committee.

Section 199A was enacted in 2017 to encourage job creation and new investment by private businesses.  It also helps private companies compete with large, publicly-traded corporations. Without the deduction, pass-throughs would …

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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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The American Enterprise Institute has a new“Trump Tax Reform Blog” series on its website.  Over the next month, tax policy folks from both sides will weigh in on the reform and whether it’s working.  You can read the current posts here. Our invitation to comment must have got lost in the mail, but no worries, it’s a brave new world and we can comment anyway.  Here’s our report:

Has the TCJA helped American workers and businesses with additional economic growth?  Such questions are impossible to answer with absolute certainty, since we will never know what the economy would have done …

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What is it about Presidential candidates and S corporations?  First John Edwards made the practice of abusing the S corporation structure infamous back in 2004.  Then we learned Newt Gingrich did the same thing when he ran in 2012.  And now Joe Biden.  At some point, these candidates are going to realize that saving 3.8 percent on your taxes isn’t worth the political pain it will cost you.  (Hat tip to Bernie Sanders and former President Obama.)

For those not up to speed, the former Vice President and his wife released their tax returns this week.  Focusing on his 2017 return, …

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