Senate Democrats released their FY 2022 budget resolution this morning.  With the bipartisan infrastructure bill scheduled to be voted on early this week, we could see final passage on the budget resolution no later than this Friday.  What does that mean for private employers and tax policy?

$1.75 Trillion in Tax Hikes

A budget resolution is a framework with lots of wiggle room built in.  That said, if the Senate follows the resolution’s headline numbers, the business community can expect to be looking at $1.75 trillion in new taxes over the next decade.  That’s a lot – one of the largest tax …

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On July 22, the S Corporation Association hosted a webinar showcasing a recent survey that asked voters about President Biden’s tax plan. The results were eye-opening and revealed a remarkable lack of support for the President’s agenda, especially those policies targeted at individually- and family-owned businesses. On hand to discuss the findings was David Winston, whose firm research and polling firm, The Winston Group, conducted the survey.

A summary of the results is available here.

To view a recording of the webinar, please click below:

The Gazette features an op-ed by S Corporation Association President Brian Reardon on how Americans really feel about raising taxes on individually- and family-owned businesses and farms:

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The Senate needs to decide how to pay for the massive, $3.5 trillion spending plan announced last week, but according to a Punchbowl News poll, only 37% of congressional staffers believe it is likely Congress will pass a tax bill by the end of 2022. Among Democratic staffers, just half think it is likely.

 Why so pessimistic? Maybe because Biden’s tax plans aren’t popular with voters. Contrary to what the White House might tell you, …

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S-Corp has had 24 hours to digest the Section 199A bill introduced by Senator Wyden yesterday, and the more we look, the less we like it.  Here are some additional thoughts:

Not an Expansion

Wyden’s office says the bill would raise $147 billion over ten years.  That is a large tax hike in anybody’s book, but you wouldn’t know that reading the media coverage, where the bill has largely been framed as an “expansion” of Section 199A, not a roll-back. For example, here’s Law360:

Sen. Ron Wyden introduced a bill Tuesday that would let owners of service businesses, like law firms and …

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