debt limit - The S Corporation Association

Legislative Update and Treasury’s Effective Rate Study

Legislative Outlook, Post-Boehner Announcement

Speaker Boehner’s announcement that he plans to retire at the end of October has implications for tax policy and next year’s spending levels. Here’s our outlook for both.

International Tax Reform: Lots of noise on the tax front. The latest rumors on the Ryan-Schumer plan to pair highway funding with international tax reforms are that:

The plan is complete and has been sent up to the Administration for their review and sign-off;
The plan is not finished and is hung up over a disagreement regarding how much to spend on highways;
The plan will be presented to the Ways & Means …

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admin2019-02-01T19:59:04+00:00October 2, 2015|

Big Picture on Pass-Through Taxation

Our expectation for 2013 is continued guerrilla warfare on specific tax hike proposals coupled with the looming threat of larger tax hikes when Congress next addresses the debt limit. Add in the determination of both tax-writing committee chairmen to pursue comprehensive reform, and you have a good understanding of how we’re going to spend our time over the next year:

Working with the tax committees to make their tax reform proposals as business friendly as possible;
Fighting the Administration’s efforts to turn tax reform into another opportunity to raise taxes on Main Street Employers; and
Fighting specific proposals to unfairly target S corporations …

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admin2019-02-01T20:11:35+00:00February 14, 2013|

Tax Outlook

The conventional wisdom in the press is that the agreement on the fiscal cliff killed tax reform. By making permanent so many tax policies — including the AMT treatment and estate tax rules — the deal deprived policymakers of catalysts for doing something big on taxes later this year.

That view may prove correct, but there remain several good reasons to believe taxes will be a big part of the policy conversation moving forward, including:

Debt Limit: The debt limit fight hasn’t been avoided, just delayed. Congress will need to raise the limit prior to the August break, setting up a redo …

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admin2019-02-01T20:11:41+00:00February 5, 2013|

Tax Outlook

With the Republican convention behind us and the Democratic one this week, we thought it would be worthwhile to assess what the business community can expect on taxes in the next six months. We break the outlook into three buckets:

First, the need to extend the tax policies set to expire on January 1;
Second, the need to make more fundamental changes to the tax code; and
Third, what to do about those pesky tax “extenders?”

2001 & 2003 Tax Cuts

Bucket one is easiest, since both sides have outlined their positions. The Republican House adopted legislation to generally extend all the 2001 …

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admin2019-02-01T20:12:49+00:00September 4, 2012|