Tax Policy - The S Corporation Association

Greater Fool Markets

In economics, the “Greater Fool” theory holds that investors buy overpriced assets expecting others will pay more for them later. So a stock or real estate bubble will continue until the proverbial “last fool” jumps in, at which point there’s nobody left to keep the bubble going and it bursts.

We need an analogous theory for tax policy these days. States like California, New York, and Washington continue to raise taxes and otherwise create an environment that is hostile to investment and entrepreneurship. The result has been an unprecedented flight of taxpayers and capital out of those states:

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admin2026-05-08T15:35:26+00:00May 8, 2026|

Tax Day Headlines Miss the Full Story

Recent news coverage suggests that the Working Families Tax Cut Act was a bust. Here’s Politico’s Bernie Becker when asked if this tax filing season has lived up to expectations:

The short answer is no… it wasn’t just one person promising $1,000. It was a key line they said over and over again. When you get refunds a third of the way there, there’s no way to suggest anything but that they overpromised.

But the promise of tax savings was not limited to refunds – it also included lower tax payments to close out 2025 and lower taxes paid through withholding …

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admin2026-04-24T09:41:04+00:00April 24, 2026|

Talking Taxes in a Truck Episode 49: Ryan Ellis on Selling the WTFC, Reconciliation 2.0, SALT Games, and More

Tax season is in full swing, and on this episode we’re joined again by Ryan Ellis, who brings a front-line perspective to the discussion as an IRS Enrolled Agent. His message is a timely one: Americans are benefiting in a big way from the Working Families Tax Cut Act, but too often don’t connect those lower tax bills to the policy changes enacted last year, an important reminder as we head into a midterm cycle and a top priority for our Main Street Employers Coalition’s ongoing outreach. From there, Ryan breaks down the outlook for “Reconciliation 2.0,” before turning …

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admin2026-04-10T19:35:18+00:00April 10, 2026|

New York’s SALT Follies

As the NY State Assembly extends the debate over its budget, here’s more on the SALT Parity “haircuts” included in their plan. These haircuts will hurt thousands of small and large New York pass-throughs, accelerate the “highest in the nation” taxpayer migration out of the state, and give credence to the PTET critics. In other words, they’re a really bad idea.

S-Corp initiated its SALT Parity campaign to level the playing field with large public C corporations. Under the federal SALT cap, C corporations continue to deduct their SALT whereas most of the state and local taxes paid …

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admin2026-04-09T14:07:59+00:00April 9, 2026|

The Main Street Case for the Working Families Tax Cuts

A broad coalition of Main Street organizations is making the case for the Working Families Tax Cut Act and what it means for the businesses that drive the American economy.

Earlier today, around 100 trade associations signed onto a letter thanking lawmakers for enacting the historic tax relief last year. The letter was organized by our Main Street Employers Coalition and highlights the bill’s real, lasting benefits to the pass-through businesses that employ the majority of private sector workers:

Making permanent lower marginal rates and the Section 199A small business deduction were key to the success of the bill. Those provisions …

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admin2026-04-06T19:21:00+00:00April 6, 2026|