Our guest this week is Ken Kies — Managing Director of the Federal Policy Group, a former Chief of Staff at the JCT, and one of DC’s foremost tax policy experts. Ken discusses the looming “fiscal cliff” and what it means for pass-throughs, outlines the long-term fiscal imbalance we face, and shares his best marathon training tips.
This episode of Talking Taxes in a Truck was recorded on August 5th, 2024, and runs 38 minutes long.
Yesterday, S-Corp and its Main Street allies headed to southern Pennsylvania for a Tax Team event hosted by Representative Lloyd Smucker. Smucker represents the state’s eleventh congressional district and also serves as the Chair of the Main Street Tax Team. Yesterday’s event was part of the process initiated by Ways & Means Chairman Jason Smith (R-MO) to create various Tax Teams tasked with identifying legislative solutions to avert the 2025 fiscal cliff.
Attended by several dozen local business owners, congressional staff, press, and national trade association representatives, the event kicked off …
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Notable Developments
Legislative Update
The Main Street business community came out in force last week calling on Congress to adopt a one-year delay of the Corporate Transparency Act as part of this year’s National Defense Authorization Act. The effort, led by the Main Street Employer’s coalition and backed by more than 135 of its trade association allies, is in support of a pair of NDAA amendments. As the …
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The Main Street business community came out in force today calling on Congress to adopt a one-year delay of the Corporate Transparency Act as part of this year’s National Defense Authorization Act. The effort, led by the Main Street Employer’s coalition and backed by more than 135 of its trade association allies, is in support of a pair of NDAA amendments. As the letter explains:
Amendments sponsored by Senators Tim Scott (#2169) and James Lankford (#2831) would provide the business community and federal regulators additional time to educate millions of small business owners regarding the CTA’s new reporting requirements and …
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A recent Twitter thread caught our eye. S-Corp typically avoids these Twitter feuds, but this is an important topic that deserves some clarity. Here’s the thread in question:
So Pomerleau thinks 199A is unnecessary while S-Corp and our Main Street Employers Coalition have long maintained that 199A is necessary for rate parity. Who is right?
Effective Statutory Tax Rates
Looking at Pomerleau’s paper, he uses three measures to examine the parity question – Effective Statutory Rates, Marginal Effective Tax Rates, and Average Marginal Effective Tax Rates. For the first, here’s his table: