The House yesterday cleared a major hurdle in the effort to move a broad tax package when lawmakers signed off on a Senate-passed budget resolution. With the broad parameters of that legislation in place, Main Street is speaking out against an ill-conceived tax hike proposal. A letter signed by more than 90 trade associations reads:

The so-called “millionaire tax” in question – which actually kicks in at income around $620,000 – would saddle them with a tax hike that offsets about half the tax benefit of extending the Section 199A deduction. Coupled with the Net Investment Income Tax and state …

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With this morning’s passage of the budget resolution in the House, it’s full steam ahead on the tax policy front. Fortunately, our friends on the small business committees are focused on what’s important – Congress needs to act now to prevent a massive tax hike on millions of Main Street businesses.

That focus was on full display during a House and Senate joint hearing entitled, “Keeping Taxes Low for Small Businesses” which featured two witnesses from our Main Street Employers Coalition.

Here’s Tom Click – president and cofounder of Patriot Industries, …

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The DC tax community has been buzzing since Axios reported the White House is considering rate hikes to offset their other tax priorities. This from the article:

Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats’ attacks as they seek to extend President Trump’s 2017 tax cuts.

…Under the budget reconciliation rules that Republicans seek to use to extend the tax cuts, that would free up more revenue that could be used to fulfill some of Trump’s populist promises, such as eliminating taxes on …

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