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S Corporations Hit by Tax Hikes

Our friends at McGladrey LLP have a new survey out of mid-market firms showing just how hard those companies have been hit by the tax rate hikes championed by President Obama and his allies in Congress.

Recall that in the run-up to the Fiscal Cliff, Ernst & Young released a paper on our behalf that predicted the higher rates set to begin in 2013 would hurt investment and job creation by significantly hiking taxes on mid-sized employers.  Over the long-term, E&Y estimated the U.S. would lose 710,000 jobs.

Now McGladrey’s survey shows just how those job losses and lower investment

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2019-02-01T20:01:38+00:00October 20, 2014|

S Corp Meets with House Leadership

S Corporation Association Board Member Dan McGregor participated in a small business roundtable with House Republican leadership yesterday as part of our ongoing effort to educate policymakers on the important role pass-through businesses, and particularly S corporations, play in job creation and investment.

Dan is Chairman of McGregor Metal Working, a group of metal-stamping companies located in the Springfield, Ohio area. It’s been a family-owned business since 1965 and began as an eight-person tool and die shop. Today, they employ 365 workers and have clients in the auto, agriculture, and

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2019-02-01T20:12:05+00:00December 6, 2012|

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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2019-02-01T20:21:27+00:00May 8, 2012|

Corporate-Only Reform Takes One on the Chin

Tom Barthold of the Joint Committee on Taxation made the case to the Super Committee last week against attempting to reform the corporate side only.

It would be very difficult to wall off a number of provisions and say we’ll have one set of rules if you’re this type of entity and a potentially different set of rules if you’re another type of entity.

Later, in an exchange with Senator Rob Portman (R-OH), Barthold went into more detail:

SEN. PORTMAN: If you lowered the corporate rate and did so by getting rid of the some of the existing preferences, and those preferences also

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2019-02-01T20:24:45+00:00September 27, 2011|

As Study Finds S Corps Employ One-Quarter of Private Sector Workers, New Legislation Improves S Corp Governance

Report Finds Flow-Through Businesses Essential to U.S. Economy

On the heels of a new report finding that flow-through businesses furnish more than half of the private sector jobs in the U.S., Ways & Means Committee members Dave Reichert (R-WA) and Ron Kind (D-WI) today will introduce the S Corporation Modernization Act of 2011 (H.R. 1478).

The study – released today and authored by Drs. Robert Carroll and Gerald Prante of Ernst & Young LLP – finds that fifty-four percent of all private sector employees (69 million) work for pass-through businesses, and one out of four private sector workers (31 million)

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2019-02-01T20:48:06+00:00April 12, 2011|