At a hearing last week, Finance Chair Ron Wyden stated:

More than two out of every three dollars earned by partnerships in this country go to the top one percent of earners. These are sophisticated entities that bring in big revenue. However, the most recent data shows that out of millions of partnership returns filed in 2018, only 140 were audited. If you’re a wealthy tax cheat in a partnership, your odds of getting audited are slightly higher than your odds of getting hit by a meteorite. It’s an audit rate of 0.00004 percent. On the other hand, …

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Earlier this week, S-Corp President Brian Reardon hosted a webinar for its membership to highlight the threat President Biden’s American Families Plan poses to individually and family-owned businesses.

The presentation focused on the “Triple Threat” pass-throughs face from the plan — it would raise taxes on their operations, their sale, and when they are passed on to the next generation.  This combination of tax hikes threatens their very ability to exist.

The webinar also addressed the faulty assumptions underpinning the Biden tax plan, including the fictions that the tax code has become less progressive …

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The inequality narrative driving tax policy this year is built on three shaky foundations: (1) that the rich have captured all the economic gains in recent years, (2) that Americans support very high tax rates, and (3) that America thrived under much higher tax rates than are being considered today.  S-Corp addressed the first two fallacies (here and here).  A recent Senate Finance Committee hearing on how to make the tax code fair provides a good example of why the third leg is just as unstable.

The hearing featured Abigail Disney, who is part of the group …

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Politico recently ran a story about the soul-searching taking place in the polling community, whose 2020 projections predicted a landslide victory for Joe Biden and an significant expansion of the Democratic majority in the House.

“Twenty-twenty was an ‘Oh, s—‘ moment for all of us,” said one pollster involved in the effort, who was granted anonymity to discuss the process candidly. “And I think that we all kinda quickly came to the point that we need to set our egos aside. We need to get this right.”

That’s about where the answers end. The collaboration’s first public statement acknowledges that their industry “saw …

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The Biden Administration’s sales pitch for their proposed business tax hikes goes something like this: Rates were too high prior to 2017 but Republicans overshot the mark and set them too low.  Democrats want to find a happy middle ground. President Biden said as much in his remarks last week:

We’re going to raise the corporate tax rate. It was 35 percent for the longest time, which was too high.  Barack and I thought it was too high during our administration.  We all agreed five years ago that it should come down somewhat, but the previous administration reduced it all the …

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