President Biden unveiled his budget proposal for the upcoming fiscal year yesterday and, as we predicted, it’s packed with tax hikes and other poorly-conceived policies that directly target the Main Street business community. The document calls for $4 trillion in tax hikes, nearly half of which would fall on the backs of small and family-owned businesses.

In response, S-Corp joined with 85 trade associations yesterday – including the American Farm Bureau Federation, Associated General Contractors, and the National Restaurant Association – to urge lawmakers to strongly oppose these provisions. The letter reads:

The President claims his budget will only …

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The President is set to release his third budget later today and, as in the past, it’s sure to call for higher taxes on family-owned businesses.  The Administration already circulated a fact sheet on its Medicare plan which includes a $300 billion-plus tax hike on S corporations and partnerships (see below).  Meanwhile, the President has been talking for weeks about making “super-wealthy tax cheats” pay more in taxes. That’s code for raising taxes on private companies that already pay lots of taxes.

Here’s what S-Corp members should look for in today’s release, and what it all means for them and …

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Tonight’s State of the Union address will call for increased stock buyback taxes and a billionaire minimum tax, among other items.  Neither is going anywhere.

Business owners should focus instead on the pending debt limit debate, which has begun in earnest and has the potential to establish the tax and spending battlelines for the coming decade.

The simple fact is the federal government is entering into unprecedented territory when it comes to our deficits and debt, which should signal the end of the last decade’s laissez-faire approach to Federal deficits.  That in turn could force Congress to make big decisions about …

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