corporate-only - The S Corporation Association

More Details — and More Pushing — on the Push for Tax Reform

Last week, Politico reported more details on the pending Administration tax reform plan. As Mike Allen reports:

Treasury Secretary Timothy Geithner plans to ignite the debate by unveiling a white paper that advocates lowering the top corporate tax rate from the current 35 percent to less than 30 percent and as low as 26 percent, according to aides. The proposal is likely to fall between 26 percent and 28 percent.

To pay for that, the proposal will call for closing loopholes and slicing exemptions. The two main ones are a tax deduction for domestic manufacturing and accelerated depreciation for capital equipment.

And:

Agreeing …

(Read More)

Camp Pushes Comprehensive Reform

The Wall Street Journal reports that Ways and Means Chairman Dave Camp wants to push tax reform that addresses both the corporate and individual tax codes. That’s good news for S corporations and the majority of employers out there. According to The Journal:

The chairman of the House Ways and Means Committee wants to cut the top U.S. tax rate to 25% for individuals and corporations, and cut or eliminate many popular deductions.

The odds of quick action appear slender. But the move, from Rep. Dave Camp (R., Mich.), is significant as a marker in what will likely be a multiyear debate …

(Read More)