This Tax Day, April 15th, join us for a virtual event and hear from business owners and tax experts as they outline the threat the coming tax debate poses to America’s Main Street Businesses.
The event of free of charge and open to the public.
Details:
Thursday, April 15th
10am – Noon (EDT)
Click here to download a calendar invite
|
|
| … (Read More) |
As we previously mentioned, the Senate Budget Committee held a hearing yesterday to discuss various proposals to “make the wealthiest people and largest corporations pay their fair share of taxes.” It was predictably dull and partisan. There was, however, one moment of “Oh, that’s interesting.”
It started when Senator Tim Kaine (D-VA) spoke about the concept of good tax policy, and where the tax code should go:
I think there’s a lot of big ideas about tax reform that are out there…I hope we might get into a big, structural tax reform discussion.
I’m a little bit nervous – I think we’ll …
(Read More)
Just in time for tomorrow’s Senate Budget Hearing, a new NBER Working Paper – coauthored by Gabriel Zucman and entitled, “Tax Evasion at the Top of the Income Distribution: Theory and Evidence” – was released this week, with the headline-grabbing conclusion that rich people significantly underreport their income.
This paper is in the same vein as the other work put forward by Piketty, Saez, and Zucman (PSZ), coupling headline-grabbing conclusions with highly dubious assumptions. PSZ got rich selling the idea that the rich have gobbled up all the economic gains in recent years, but their academic reputations are in tatters. …
(Read More)
Since the Tax Cuts and Jobs Act’s passage at the end of 2017, some have seized on the Section 199A deduction as a “loophole” that stacks the deck in favor of pass-through businesses.
We’ve heard – and responded to – various criticisms of the provision over the years. But the brief Twitter exchange below caught our eye:
It’s an interesting question, but is the premise correct? Is the tax bill for the independent contractor (IC) really 20 percent lower than the employee?
Keep in mind that an employee making $50,000 …
(Read More)
We can’t predict victory for the University of Arkansas’s basketball team in March Madness (Seeded 3rd in the South) but the state’s pass-through business owners are already winners, as the state officially became the ninth state to adopt our SALT Parity reforms yesterday. Governor Asa Hutchinson signed House Bill 1209 into law just last night.
The new law allows owners of pass-through businesses – including S corporations and partnerships – to elect to pay their state taxes at the entity level, rather than having the business’s income flow through to the individual owners.
By way of background, deductions on state and …
(Read More)