The House is back and has its sights set on passing the multi-trillion-dollar tax and spending package known as the Build Back Better (BBB) Act. How do voters feel about a 2,400-page bill that targets Main Street businesses with $500 to $600 billion in higher taxes?  With lawmakers in a panic to advance the legislation, they evidently forgot to ask their constituents – so we did.

A new poll by the Winston Group asked 1,000 registered voters about the President’s agenda and its impact on their personal lives. The results reveal a serious disconnect between the goals of the Build …

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Note: the first table shown below has been modified to correct a previous error. 

A key aspect of the Biden “framework” under consideration in the House is how it targets family businesses with modest incomes through the discriminatory treatment of taxable trusts.

That’s because the rate hikes on trusts in the bill have income thresholds well below the headline levels that would apply to individuals.  These lower levels are an apparent attempt to discourage gaming, but they hit existing trusts that predate the new rules, as well as modestly-sized family businesses that are not the advertised targets of the new policy.

These S …

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S-Corp joined with over 100 trade associations today in urging Congress to reject the White House’s Build Back Better framework, the latest version of Democrats’ multi-trillion-dollar tax and spend plan.

This latest iteration replaces the many problematic tax hikes in previous drafts with new – but equally problematic – tax hikes, the sum of which would disproportionately hit Main Street businesses. Under this framework, the 21-percent tax rate on large multinational corporations remains unchanged while the top rate on Main Street businesses rises to over 50 percent!

Since the bill changes every day or two, it’s been difficult to highlight this …

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Lynn Mucenski-Keck, a Partner at the accounting firm The Bonadio Group, has a fantastic piece in Forbes that makes the pass-through case against the framework’s tax increases.

“Pass-Through Owners Bear the Hit with Proposed Federal Tax Law Changes,” explains how a bill purportedly targeting billionaires and large corporations instead goes after Main Street businesses organized as pass-throughs. The excerpt below sums things up perfectly:

Unfortunately, when you follow the money, the picture starts to reveal that the taxpayers bearing the burden for the revenue are disproportionately pass-through entity owners, and not the large multinational companies and estates as many believed.

… …

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Over the past year, S-Corp has attempted to arm its allies on and off the Hill with as many tools and resources as they need to fight the tax hikes moving through Congress.  Today, we are releasing new data from EY showing just how many communities and districts rely on private companies and pass-through employers for their jobs.

These numbers are just the latest in a long list of advocacy items S-Corp has authored or sponsored that show just how misguided the House tax hike legislation is.  Below is a complete summary of all these items, together with links to all …

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