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Monday was the close of the comment period for Treasury Notice 2017-38, and the S Corporation Association joined several other trade groups in submitting our final comments on the pending Section 2704 rules, including our study highlighting the threat these rules pose to family businesses and their employees.
This comment period is the latest in a long saga and we hope it marks the beginning of the end. To recap:
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“While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.”
The S Corporation Association submitted the following comments to the Senate Finance Committee today as part of the Committee’s request for input:
The United States is unique among developed countries in the emphasis it places on pass-through business structures – S corporations, partnerships (including limited liability companies), and sole proprietorships. Pass-through businesses make up 95 percent of all U.S. businesses, they employ the majority of private sector workers, and they contribute the majority of business income to our GDP.
This reliance on pass-through businesses is not an accident or a byproduct of other priorities. Rather, it was done purposefully by successive Congresses …
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The Business Committee came out in force today in opposition to the Obamacare 3.8 percent Net Investment Income Tax (NIIT) and, more to the point, in support of repealing this harmful tax as part of the on-going health care reform effort.
More than forty national trade groups joined the S Corporation Association in writing to Senate Majority Leader McConnell supporting NIIT repeal as a priority in health care reform. Since the beginning of the year, repeal of this tax had been a core part of Republican efforts to roll back the Affordable Care Act (ACA). But in recent weeks a …
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S-Corp President Brian Reardon testified yesterday before the Senate Small Business Committee in a hearing entitled “Tax Reform: Removing Barriers to Small Business Growth.” As Inside Sources reported:
The hearing primarily focused on ensuring small businesses are considered in the current push to lower corporate tax rates. The Small Business Administration found that small businesses make up a sizable portion of the national economy at 49.2 percent of private-sector employment.
“As we all know, our tax code is in need of reform,” New Hampshire Democratic Sen. Jeanne Shaheen, the ranking member of the committee, said at the start of the …
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