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SALT Parity Offers Massive Savings for Main Street

With the Build Back Better Act stalled in the Senate, states should resume efforts to enact our SALT Parity legislation this year.  The SALT cap appears here to stay, at least through 2025, and the savings potentials for family businesses are substantial.

How substantial?  As reported by Richard Rubin in the Wall Street Journal, new numbers out of New York show that that S corporations and partnerships paid $11 billion under the new Pass-Through Entity (PTE) tax the state adopted back in April, translating into between $3 and $4 billion in federal tax savings.  $4 billion!  That’s just one

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2022-01-14T17:24:47+00:00January 14, 2022|

Amid Record Inflation, Business Community Calls on Congress to End BBB Talks

Today’s Bureau of Labor Statistics report showed inflation surging at its fastest pace in 40 years with the consumer price index increasing 7 percent year over year.  Despite these rising prices, lawmakers and the White House are still working to pass the multi-trillion-dollar tax hikes included in the Build Back Better Act.

In response, over 90 trade associations today called on Congress to end efforts to pass Build Back Better and shift its focus to address the pressing issues confronting American families and businesses – rising prices, labor shortages and supply chain disruptions. As the letter reads:

Today’s Consumer Price

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2022-01-12T18:07:00+00:00January 12, 2022|

Manchin a “No” on BBB

The Build Back Better (BBB) bill would have harmed family businesses, cost jobs, and accelerated the economic consolidation already taking place in this country.  It would have been a negative for those states and communities that rely on family businesses as the core of their economies and their social institutions. That’s why S-Corp and the Main Street Employers coalition have been fighting it for the past year.

And now it’s dead – or at least on life support.  Senator Joe Manchin announced this morning on Fox News that he would vote “no” on the BBB.  As he told Bret Baier:

If

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2021-12-19T19:14:17+00:00December 19, 2021|

S-Corp Joins SALT Parity Panel Discussion

Last week, S-Corp President Brian Reardon joined a panel discussion on our SALT Parity efforts. Hosted by Tax Analysts, the webinar sought to explain why these laws are necessary, who benefits, and what effect current proposals in Congress might have on them.

For those new to the issue, the SALT deduction cap imposed by the Tax Cuts and Jobs Act put S corporations and partnerships at a competitive disadvantage – C corporations could continue to fully deduct their SALT as a business expense while pass-through business owners were subject

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2021-12-13T22:01:00+00:00December 13, 2021|

Family Businesses Targeted by BBB

Ways and Means Republicans held a panel discussion on the Build Back Better (BBB) Act’s impact on individually and family-owned businesses yesterday morning, and just in time.  Main Street is panicked over the possibility that the House-passed bill will be signed into law, and new numbers from EY demonstrate why.

The BBB would raise taxes on businesses organized as S corporations, partnerships, and sole proprietorships by more than $500 billion over ten years.

The BBB is advertised as going after only the very wealthy, but 81 percent of its individual tax

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2021-12-08T15:59:15+00:00December 8, 2021|