The Washington Wire - The S Corporation Association

Are the Pollsters Wrong on Taxes?

Politico recently ran a story about the soul-searching taking place in the polling community, whose 2020 projections predicted a landslide victory for Joe Biden and an significant expansion of the Democratic majority in the House.

“Twenty-twenty was an ‘Oh, s—‘ moment for all of us,” said one pollster involved in the effort, who was granted anonymity to discuss the process candidly. “And I think that we all kinda quickly came to the point that we need to set our egos aside. We need to get this right.”

That’s about where the answers end. The collaboration’s first public statement acknowledges that their industry “saw …

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admin2021-04-26T16:17:36+00:00April 26, 2021|

SALT Parity Promises Billions in Main Street Relief

More good news on the SALT Parity front. New York has become the 10^th state to adopt our reform legislation while a similar bill is sitting on the desk of the Georgia Governor awaiting his signature, which would make 11.

Those states join Connecticut, Wisconsin, Oklahoma, Louisiana, Rhode Island, New Jersey, Maryland, Alabama, and Arkansas in passing SALT Parity, while a dozen others are actively considering similar bills. Illinois is new to this list, following yesterday’s unanimous vote in favor of S.B. 2531 in the state Senate. The map below shows the current status of SALT Parity legislation.

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admin2021-10-14T17:00:50+00:00April 23, 2021|

A Little Reality on the Tax Gap

IRS Commissioner Charles Rettig made news last week when he endorsed a new tax gap estimate from, among others, French economist Gabriel Zucman. We reviewed the Zucman paper here and found it typically wanting – questionable assumptions and methodologies leading to improbable conclusions.

That didn’t stop Rettig from endorsing the estimate, however. Well, he sort of endorsed it. Here’s what he actually said, according to Bloomberg:

Internal Revenue Service Commissioner Chuck Rettig told a Senate panel Tuesday that previous tallies of the tax gap — which came to a cumulative amount of about $441 billion for the three years through …

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admin2021-04-20T17:07:03+00:00April 20, 2021|

S-Corp Hosts Tax Day Summit

S-CORP and NFIB hosted their Main Street Tax Day Summit yesterday — a two-hour virtual event focused exclusively on the tax policy issues facing small and individually- and family-owned businesses.

Sen. Steve Daines (R-MT), one of Main Street’s staunchest allies on Capitol Hill, kicked things off. Among other topics, the Senator shared his thoughts on the current legislative outlook, and emphasized the importance of preserving key provisions from the 2017 tax bill, notably the Section 199A deduction:

These businesses are the center of the equation for driving economic growth. The sad reality is …

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admin2021-04-16T13:43:39+00:00April 16, 2021|

A “Modest” Tax Hike? Not Even Close

The Biden Administration’s sales pitch for their proposed business tax hikes goes something like this: Rates were too high prior to 2017 but Republicans overshot the mark and set them too low. Democrats want to find a happy middle ground. President Biden said as much in his remarks last week:

We’re going to raise the corporate tax rate. It was 35 percent for the longest time, which was too high. Barack and I thought it was too high during our administration. We all agreed five years ago that it should come down somewhat, but the previous administration reduced it all the …

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admin2021-04-14T15:13:19+00:00April 13, 2021|