The Washington Wire Archive - The S Corporation Association

California Wealth Tax Misses the Target

A new paper out of the Tax Policy Network on the “one-time” California wealth tax initiative highlights just how untethered the proponents’ revenue estimates are from reality. The assumptions driving the initiative are so thin, they call into question whether this initiative is designed to raise revenue, or simply punish rich people.

Here’s the key graph:

Where do the estimates come from? The group of economists who helped construct the wealth tax proposal used a back-of-the-envelope calculation to estimate how much revenue it would raise: they started with the Forbes billionaire …

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admin2026-03-18T16:34:14+00:00March 18, 2026|

SALT Parity State of Play

SALT Parity State of Play

Adoption of the Working Families Tax Cuts Act last July was a huge win for Main Street – a win that included locking in $20 billion of annual savings through our SALT Parity efforts. With the SALT cap now permanent, those parity laws enacted in 36 states are more important than ever.

Just as important – making sure the benefits are broad and stay in place. That means making certain that states and other jurisdictions don’t game the policy, that the laws are working as they should, and that we complete the map. Here’s the …

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admin2026-03-11T20:23:17+00:00March 11, 2026|

Washington Post vs. Washington State

Over the weekend, the Washington Post offered a welcome dose of clarity in the debate over who really bears the burden of higher taxes. As the Board put it:

Taxing ‘the rich’ would affect most private-sector workers, who are employed by pass-throughs but are not rich themselves. Jacking up taxes on small employers isn’t going to help make the American economy fairer or more competitive.

This is a big issue that we touched on just last week. S&P 500 companies employ roughly 18 percent of the U.S. workforce, while privately-owned firms employ nearly 80 percent.

…

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admin2026-03-05T16:29:39+00:00March 5, 2026|

The Economy Beyond Wall Street

If you follow financial news, you could be forgiven for thinking the American economy begins and ends with Nvidia, Apple, and a handful of other S&P 500 giants.

But a recent analysis from Apollo’s Torsten Slok offers a useful reminder that those companies represent a much smaller slice of the actual economy than their coverage suggests. The numbers, instead, point straight to Main Street.

Slok’s data shows that S&P 500 companies employ roughly 18 percent of the total US workforce and account for about 21 percent of all capital investment in the economy. Privately owned firms, by contrast, drive nearly 80 …

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admin2026-03-02T19:04:03+00:00February 27, 2026|

Supporting Main Street Startups

Congressman Vern Buchanan (R-FL) has reintroduced the American Innovation Act (H.R. 1778), which seeks to modernize and expand the tax treatment of start-up costs for new businesses.

Under current law, entrepreneurs can deduct just $5,000 in start-up expenses in their first year of operation, with the benefit phasing out once expenses exceed $50,000. The Buchanan bill would increase that deduction to $20,000 and raise the phase-out threshold to $120,000. It also clarifies eligibility for partnerships and S corporations, ensuring the vast majority of new businesses structured as pass-throughs can fully benefit.

As S Corporation Association President Brian Reardon noted:

Nearly …

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admin2026-02-26T16:39:20+00:00February 26, 2026|