The Washington Wire - The S Corporation Association

Latest ProPublica “Bombshell” Lands with a Thud

This year’s leak of IRS tax returns has turned ProPublica into the accountant’s version of Robin Leach, host of “Lifestyles of the Rich and Famous”, whose exuberant and over-the-top narrative style made him the butt of innumerable jokes. Ostentatious! Wealth! Tax Breaks! It’s embarrassing.

The most recent example is their report highlighting how large family businesses are benefitting from the 199A pass-through deduction. The article doesn’t claim that the profiled businesses are doing something wrong or that the deduction is a rifle shot that somehow benefits just high-income taxpayers.

No, the article focuses instead on how the deduction was implemented – …

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admin2021-08-16T17:16:38+00:00August 16, 2021|

Talking Taxes in a Truck Episode 13: “Raising Taxes is Hard…Especially on the Taxpayer”

Jade West, Chief Government Relations Officer at the National Association of Wholesaler-Distributors, is our latest podcast guest. Jade breaks down the dynamic between the bipartisan infrastructure bill and Democrats’ $3.5 trillion package, reveals which potential tax hikes she’s most worried about, and gives odds on legislation being enacted this year.

This episode of Talking Taxes in a Truck was recorded on August 12, 2021, and runs 26 minutes long.

admin2021-08-13T11:46:50+00:00August 13, 2021|

Quick Take on the Budget Resolution

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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admin2021-08-09T19:57:29+00:00August 9, 2021|

Estate Tax Hike Threat to Family Businesses

With the Senate Majority Leader committed to a “dual-track” legislative strategy that includes a partisan budget resolution, Congress will soon be tasked with deciding which revenue raisers to include in a multi-trillion-dollar reconciliation package. A key area of concern for private companies is the estate tax and related provisions.

Some proposals under consideration, like applying capital gains taxes at death, literally threaten the ability of family businesses to survive from one generation to the next, and the family business community is understandably alarmed about their prospects. As such, we wanted to provide an update on the latest developments in this space, …

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admin2021-08-09T22:22:42+00:00August 6, 2021|

Webinar Replay: What do Voters Really Think About the Biden Tax Plan?

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:

admin2021-07-28T12:54:43+00:00July 27, 2021|