Tax Policy - The S Corporation Association

Thune Talks Main Street Tax Relief

As part of National Small Business Week, Senate Majority Leader John Thune took to the Senate floor to highlight how provisions like permanent Section 199A, bonus depreciation, estate tax relief and other provisions from last year’s Working Families Tax Cuts are helping Main Street employers hire new workers and reinvest in their communities.

As Thune put it:

Nearly half of Americans in the private sector work for a small business. Small businesses are responsible for a majority of the new jobs in this country. And a lot of Americans’ first jobs were at a small business, mine included…There’s nothing small about the …

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admin2026-05-18T18:23:46+00:00May 18, 2026|

Blood from a Stone

While most people were trying to file their taxes last month, Senator Elizabeth Warren was busy trying to raise them. Her reintroduced Ultra-Millionaire Tax Act of 2026 would impose a 2-percent annual levy on individual net worth above $50 million, a 3-percent rate on billionaires, and generate what its proponents claim will be over $6 trillion. That estimate is the economist equivalent of drawing blood from a stone – it doesn’t exist and it shouldn’t be taken seriously.

Warren’s latest proposal also includes a 40 percent “exit tax” on the net worth of any American worth more than $50 million …

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admin2026-05-14T17:36:46+00:00May 14, 2026|

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|