Home/Tag: corporate-only

Administration Updates its Corporate Tax Reform Proposal

Lost in all the hoopla over the Treasury’s new inversion policies was the accompanying update to their corporate tax reform outline.  You can read the whole 30-page document here, but the bottom line is that not much has changed.

The plan still treats the pass-through community as second-class citizens by broadening the tax base for all businesses while only reducing rates for those organized as C corporations.  As a result, successful pass-through businesses would be subject to 45 percent top rates on a broader base of income – a double whammy coming just three years after the Fiscal Cliff hiked

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2019-02-01T19:56:25+00:00April 7, 2016|

Extenders Update

The tax extenders front has been busy in the last couple days.  First, there was the rumor Monday that negotiators were close to a deal.  Tuesday, details emerged of a $450 billion package mixing ten permanent items with a two-year extension (2014 & 2015) of most other items.  And then yesterday evening the White House issued a veto threat against the package, leaving its prospects very much up in the air.

What’s remarkable about the White House veto threat is that it occurred at all.  To our recollection, this is the first time in six years the White House and

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2019-02-01T20:01:38+00:00November 26, 2014|

S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye

 

Administration on Tax Reform

The President’s economic advisors have been unusually busy in recent weeks.  National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft.

It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including:

  • The Camp Draft is budget neutral while the Administration’s plan would raise revenue;
  • The Camp

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2014-10-10T19:13:33+00:00October 10, 2014|

Lew Punts on Tax Reform, Inversions

Secretary Lew gave his tax reform speech this morning.  It lasted maybe 10 minutes and he didn’t take questions afterwards.  Given the buzz the speech’s announcement created on Wall Street and in tax policy circles, the event itself was a major disappointment.

The Obama Administration is beginning to resemble an old Brian Regan comedy routine about how passengers on an airplane get excited when the pilot comes on the intercom, even though the pilot never has anything good to say.  Just a variation on the same old theme that the flight will be delayed because….

This Administration never appears

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2019-02-01T20:01:38+00:00September 8, 2014|

S Corp Payroll Tax Hike Resurfaces

Last week, Senate Democrats released a paper highlighting a dozen tax increases they would like to use to offset spending cuts in the current budget negotiations. As Politico reported:

Tax expenditures topping the list include the deduction corporations take when they move operations overseas and the carried interest loophole, which allows private equity and some other investment advisers to pay the lower capital gains tax rate on some of their income.

Also on the list is our old nemesis, the S corporation payroll tax hike. Labeled the Edwards Loophole by Republicans and the Gingrich Loophole by Democrats, the issue is

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2019-02-01T20:19:39+00:00November 14, 2013|