The Washington Wire Archive - The S Corporation Association

Tax Notes: Make S-Corps Pay C-Corp Taxes

The drumbeat to impose the double corporate tax on large pass-through businesses grows louder. This time, it’s Martin Sullivan at Tax Notes arguing that larger firms should all be subject to corporate-level taxes. At least that’s the headline. Read the actual article, however, and our impression is a tax-writer at war with his conclusions. Try these lines:

“true tax reform would completely eliminate the double taxation of corporate income.”

“After all, the corporate tax is our worst tax.”

“What should be the dividing line between businesses subject to corporate tax and those that should be exempt? That’s not an easy question …

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admin2019-02-01T20:48:05+00:00June 7, 2011|

Chairman Camp Makes the Case for S Corps and Other Pass-Through Businesses

Wednesday’s meeting between House Republicans and the President failed to move the needle on deficit reduction, but it did give the top tax writer in the House an opportunity to deliver a message on tax reform. As Chairman Dave Camp (R-MI) stated after the meeting:

“Tax reform done the right way means more economic growth and more jobs. Any path forward for tax reform must be comprehensive to address both the individual and corporate rates. More than half of all business income is earned by pass through entities - most of which are small businesses. We cannot leave them out in …

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admin2019-02-01T20:48:05+00:00June 3, 2011|

Administration’s Corporate-Only Plan Waiting Behind Debt Ceiling

The Administration appears to be holding back their Corporate-only tax reform plan until budget negotiators can settle on a deal to raise the debt ceiling. The Treasury Secretary is counting on congressional leaders to reach a long-term deal by the current August 2^nd deadline, and then intends to move onto his corporate-only plan prior to the 2012 elections. At a speaking event in New York earlier this week he previewed the essential pitch:

“It’s a very hard thing to do because it will change the relative effective tax rates for different companies, different industries, but it’s an essential thing to do. …

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admin2019-02-01T20:48:05+00:00May 20, 2011|

Business Coalition Letter Opposes Administration’s Corporate-Only Plan

S-CORP and thirty other trade associations sent a letter to the congressional tax-writing committee leaders today stating their opposition to the Administration’s reported corporate-only tax reform plan. States the letter:

As organizations representing millions of closely-held employers across the country, we are writing to express our strong opposition to any tax reform plan that will negatively impact 95 percent of America’s businesses.

Every day, nearly 70 million Americans wake up and go to work at a firm organized as something other than a C corporation. These “flow-through” businesses, structured as S corporations, partnerships, LLCs, or sole proprietorships, contribute more to …

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admin2019-02-01T20:48:05+00:00May 11, 2011|

More Details — and More Pushing — on the Push for Tax Reform

Last week, Politico reported more details on the pending Administration tax reform plan. As Mike Allen reports:

Treasury Secretary Timothy Geithner plans to ignite the debate by unveiling a white paper that advocates lowering the top corporate tax rate from the current 35 percent to less than 30 percent and as low as 26 percent, according to aides. The proposal is likely to fall between 26 percent and 28 percent.

To pay for that, the proposal will call for closing loopholes and slicing exemptions. The two main ones are a tax deduction for domestic manufacturing and accelerated depreciation for capital equipment.

And:

Agreeing …

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admin2019-02-01T20:48:05+00:00May 10, 2011|