The Washington Wire - The S Corporation Association

Senate Defeats S-Corp Tax Hike

Good news for job creators! The Senate just voted against moving forward on legislation that would increase taxes on S corporations by $9 billion. The legislation was opposed by a broad coalition of business groups, led by the S Corporation Association, including the US Chamber of Commerce and the National Federation of Independent Business. A motion to close debate and proceed to the bill was defeated on a party-line vote — 52-45. (Sixty votes are required to end debate in the Senate.)

This is the second time in two years the business community has successfully blocked legislation to increase payroll taxes …

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admin2019-02-01T20:21:27+00:00May 8, 2012|

Business Groups United Against Payroll Tax Hike

In advance of next week’s vote to raise taxes on S corporations by $9 billion, a group of 38 business associations wrote Senate leadership strongly opposing the provision. Signed by S-Corp, the US Chamber, NFI and other leading groups, the letter details the numerous flaws in the provision. As reported in The Hill:

A coalition of business groups is pushing back against a Democratic proposal to pay for lower student loan rates with tax revenue. The U.S. Chamber of Commerce, along with roughly three dozen other groups, said ‘the plan could increase the payroll tax burden on business owners …

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admin2019-02-01T20:21:28+00:00May 4, 2012|

BIG (Built-In Gains) Day

The Ways and Means Committee Subcommittee on Select Revenue Measures heard from Members last week on the tax extenders they care most about. Given the relative dearth of legislative opportunities this year, there was lots of interest in the session and lots of member involvement. Twenty-seven Members showed up to state their case for the tax breaks they believe should be made permanent and would create jobs and help the economy.

From our perspective, they saved the best for last, as the final witness of the day was S-Corp champ Congressman Dave Reichert (R-WA), who made the case for the common-sense …

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admin2019-02-01T20:21:28+00:00May 1, 2012|

S-Corp Payroll Taxes on the Table (Again)

The S-Corp payroll tax issue is back in play. According to the Associated Press and others, Senate Democrats are planning to raise taxes on S corporation shareholders by $6 billion to offset the cost of extending low interest rates for student loans. According the AP:

Democrats are considering trying to make it harder for owners of so-called S corporations to avoid paying Social Security and Medicare payroll taxes on some of their earnings, said a Senate Democratic aide speaking on condition of anonymity to reveal an emerging party strategy.

Though decisions have not been finalized, the proposal would affect such companies with …

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admin2019-02-01T20:21:28+00:00April 24, 2012|

Keeping Rates the Same

It’s Easter recess here in D.C. and we’ve had a chance to catch up on our reading. Topping the stack was Marty Sullivan’s Tax Notes piece from March 26th. It’s a rebuttal to our tax reform principles letter signed by 45 business groups here in town, so we thought a rebuttal to the rebuttal was in order.

As a reminder, our letter calls on Congress to reform the tax code by adhering to three broad principles: make reform comprehensive, keep the rates low and the same, and continue to reduce the incidence of double taxing corporate income. Marty appears to …

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admin2019-02-01T20:21:28+00:00April 10, 2012|