Congress is looking at targeted, bipartisan reforms to make the tax code work better for taxpayers. That focus creates an opportunity to address the outdated rules governing S corporations.

S corporations are America’s most popular business structure, with more than 6 million businesses employing tens of millions of Americans. Yet one of the basic rules governing them has been frozen for more than two decades. An S corporation may have no more than 100 shareholders, a limit that increasingly gets in the way as successful businesses seek to expand their employee-ownership.

The good news is that lawmakers already have two ways to …

(Read More)

Senators Elizabeth Warren and Bernie Moreno recently proposed lifting the Social Security wage cap to address the program’s pending insolvency. It’s the lazy solution (i.e., throw more money at a problem, declare victory, move on) and also the wrong approach.

Tax expert (and friend of the podcast) George Callas has an excellent writeup on this, along with his thoughts on what Congress should actually be considering.

Nixing the cap would impose a massive marginal tax increase (12.4 percent) on wages above the current $184,500 threshold. That increase would come on top of existing federal, state, and Medicare taxes, and apply …

(Read More)

Critics of last year’s tax bill are citing the decline in corporate tax receipts as evidence that the bill was too generous to Wall Street. True, corporate tax collections are down…

Receipts from corporate income taxes totaled $452 billion in 2025, which was lower than their 2024 total of $530 billion…CBO expects corporate tax receipts to decline further in 2026, to $404 billion (or 1.3 percent of GDP).

…even as corporate profits are up:

Profits are booming at America’s biggest companies—and their leaders say that likely won’t change soon. From Target and J.M. Smucker to farm-equipment maker Deere, companies spanning the breadth of the U.S. …

(Read More)