The Washington Wire Archive - The S Corporation Association

Did Somebody Say Tax Reform?

Last Tuesday the Senate Finance Committee held the first of several planned hearings on tax reform. These hearings are being held in preparation of the 111^th Congress, when the Ways and Means and Finance committees will be tasked with re-writing a significant portion of the tax code.

As we’ve pointed out before, fully one-tenth of the tax code either expires in the next couple years or is made up from the marginal tax revenue captured by the individual Alternative Minimum Tax. Producing legislation in one Congress to address both those issues is going to …

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admin2019-02-06T18:43:57+00:00April 21, 2008|

Senator Clinton’s Tax Policies – Bad for S Corporations

Recently, we reviewed Senator Obama’s tax policies and how they might impact S corporations should he become President. What about Senator Clinton? If she becomes President, how would her tax policies impact small and closely-held businesses?

In general, Senator Clinton has opposed the rate relief and other tax reductions enacted over the past eight years. As she told one audience:

I want to restore the tax rates we had in the ’90s. That means raising taxes on corporations and wealthy individuals. I want to keep the middle-class tax cuts, and I want to start making changes that will save us money, save …

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admin2019-02-06T18:43:57+00:00March 31, 2008|

Budget Debate and Taxes

Everyone in Washington knows Congress will have to address the growth of the Alternative Minimum Tax (AMT) and the expiration of popular tax provisions over the next three years. Just how they will go about it, however, is very much up in the air.

Both the House and the Senate are considering their respective budgets this week. Lots goes into a federal budget, as you can imagine, but nothing is more important for S corporations than how this budget will address the AMT and expiring tax provisions.

On this question, the House and Senate are moving in opposite directions. The House wants …

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admin2019-02-06T18:43:57+00:00March 11, 2008|

Obama and S Corporations

The Texas and Ohio presidential primaries are dominating the news today, so we thought web d take a look at the candidatesb tax policies and see how they would affect S corporations.B B Web ll start with Illinois Senator Barack Obama.

So would an Obama presidency be good for S Corps?B Hereb s a quick summary of his positions and how they might affect Main Street.

Income Tax Rates:B Obama supports letting the top tax rates revert to their pre-2001 levels.B In other words, the top tax rate would rise from 35 back …

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admin2019-02-06T18:43:57+00:00March 4, 2008|

Peering into the Future of Tax Policy

We’ve been asked to gaze into our crystal ball and see what the future of tax policy looks like. For S Corporations, it looks a lot like when the Ghost of Christmas Future popped in to see Ebenezer Scrooge. Nothing has been etched in stone yet, but it’s still not a pretty picture of things to come.

On the macro level, three factors are going to frame the tax policy debate in the next Congress:

1. All the tax relief enacted in 2001 and 2003 expires at the end of 2010. Unless Congress takes action, tax rates on individuals and flow-through businesses, …

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admin2019-02-06T18:43:57+00:00February 25, 2008|