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Business Community Supports Estate Tax Relief

Last week, the S Corporation Association joined a group of nearly 50 small business organizations to support estate tax legislation (H.R. 3905) to make permanent rates and exclusion levels more favorable than those in place in 2009. In a letter to family business allies on the Ways and Means Committee, the Family Business Estate Tax Coalition stated: 

The cost of the estate tax falls heavily on family businesses and farms. The cost comes not only from paying the

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2019-02-06T17:21:55+00:00November 13, 2009|

Budget Process and Reconciliation

Both the House and the Senate completed their respective budget resolutions last week. The plan now is for the two bodies to get together to resolve any differences and produce a single budget in the form of a conference report. We expect most of those discussions to take place over the next couple of weeks.

One of the key questions for budget conferees is whether or not they will include reconciliation instructions for health care reform and climate change. As S-CORP readers know, the virtue of reconciliation is that it lowers the bar to pass something in the Senate from a

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2019-02-06T17:22:35+00:00April 8, 2009|

Congressional Budget Takes Form

Lots of budget related news in recent days with implications for small business taxpayers. First, the Congressional Budget Office weighed in last week with its analysis of the Obama budget outline and estimated that the Administration’s proposals, if enacted intact, would double the overall deficit over the next ten years.mThe numbers are truly staggering and should scare any reasonable person who plans to be a taxpayer over the next several decades. Starting with a deficit of around $1.8 trillion this year —

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2019-02-06T17:22:35+00:00March 25, 2009|

President’s Budget is Good for S Corporations, Too Bad Congress will Ignore It

The President’Fs fiscal year 2009 budget was released this morning together with the “Blue Book“ describing his proposed tax policies. Here are a couple thoughts as Congress begins the process of putting together its tax and spending bills for the coming year.

First, the whole process of the President’s budget has a strong element of unfairness to it. For the past three decades, every President has put together a comprehensive annual budget and sent it up to the

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2019-02-06T18:43:58+00:00February 4, 2008|