The Washington Wire - The S Corporation Association

Tax Relief Takes Center Stage

Republicans in Dallas had plenty to say about last year’s Working Families Tax Cuts bill. Ways and Means Chairman Jason Smith made the case directly, recounting the marching orders he gave his colleagues when he took the committee gavel:

When I was selected by my colleagues to chair the House Ways and Means Committee, I told them that we were done writing tax cuts for millionaires and billionaires. Our priority was going to the working class, men and women we represent in Washington….

Today, thanks to the working families tax cuts, if you are a family of four and make less than …

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admin2026-09-11T19:07:14+00:00September 11, 2026|

How (Not) To Fix Social Security

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 …

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admin2026-09-10T15:15:39+00:00September 10, 2026|

US Best for Workers

If you’re looking for a Canadian-themed joke this Labor Day, look past Ryan Reynolds blaming the 1980s on the Cuban Missile Crisis — was he drunk? — and focus instead on senatorial candidate Abdul El-Sayed’s claim that if “you want to achieve the American Dream, well, you should move to Canada because it’s twice as likely there.”

That argument is so laughably wrong, even the Canadians disagree with it. A 2024 study by the Vancouver-based Fraser Institute compared the per capita income for the Canadian provinces and US states and found the Canadians are a little behind:

Only one …

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admin2026-09-07T18:59:59+00:00September 7, 2026|

The Expense Cycle

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. …

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admin2026-09-02T18:17:46+00:00September 2, 2026|

CTA Deceptions

The wild-eyed response to FinCEN’s recent rollback of the Corporate Transparency Act (CTA) is just the latest example of how some in the media promote an activist agenda at the expense of Main Street.

For those not paying attention, the CTA was a big swing and a miss in the campaign to crack down on the use of shell companies that engage in illicit finance. The idea was to collect better information to reveal the real beneficiaries of money laundering.

The adopted law, however, defined shell companies as every small business in the country. No exaggeration — every small business in America, …

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admin2026-08-20T21:27:27+00:00August 20, 2026|