marginal tax rates - The S Corporation Association

House Passes Marginal Tax Increase

Foreshadowing things to come, the House on Thursday adopted legislation to increase Veterans education benfits by raising marginal tax rates on individuals – including S corporation shareholders – making $500,000 a year or more. As Congress Daily reported:

“The House, as one portion of a three-part war funding supplemental spending package, approved a provision that would pay for a four-year college degree at any public university for veterans of the wars in Iraq and Afghanistan for at least three years. To pay for the increase — $52 billion over 10 years — the House Thursday voted to impose a 0.47 percent …

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admin2019-02-06T18:06:08+00:00May 16, 2008|

Tax Bill Offset Tally

To simplify tracking of the various tax bills under consideration by Congress, we’ve put together a chart of what’s moving and what’s being discussed, including separate tax bills on the AMT, energy production, education, housing, family tax relief, children’s health insurance, and international tax provisions.

As you can see, the total cost of the bills contemplated could exceed $1 trillion (!) over ten years. That’s a lot of offsets for Congress to generate, which suggests many of these bills will be delayed and/or scrapped as Congress weighs the benefits of action …

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admin2019-02-06T18:44:38+00:00June 11, 2007|

Another Tax Gap Hearing, Another Standoff

In case you didn’t already catch the Senate Finance Committee hearing featuring Treasury Secretary Henry Paulson yesterday, here’s a quick summary.

The hearing itself was pretty entertaining and highlighted the on-going stand-off between Paulson and Finance Chairman Baucus. Baucus set a timetable for results saying that he wants a 90% voluntary compliance rate by the year 2017 – placing the responsibility on the Treasury to come up with this plan and deliver it in 90 days – July 18th – to the Committee. Paulson responded that he would be more than happy to come …

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admin2019-02-06T18:46:05+00:00April 19, 2007|

A New Congress Brings New Tax Writers

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of the House and Senate Democrats elected Senator Harry Reid (D-NV) Senate Majority Leader.

On the Republican side, leadership was also elected - Rep. John Boehner (R-OH) is the Minority Leader of the House and Rep. Roy Blunt (R-MO) is Minority Whip – final committee assignments were also announced. Republican members filled the remaining two vacancies on the tax-writing Ways and Means Committee with Reps. Patrick Tiberi …

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admin2019-02-06T18:46:06+00:00January 9, 2007|

S CORP ALLIANCE LETTER: 36 SIGNORS AND COUNTING!

Good news! We’re up to 36 groups on the S Corp Alliance letter (see attached). Thanks to all who signed on in the last week: American Council of Engineering Companies, Associated Builders and Contractors, Associated Industries of Massachusetts, Delaware State Chamber of Commerce, Independent Community Bankers of America, Indiana Manufacturers Association, Louisiana Association of Business and Industry, Michigan Manufacturers Association, Mississippi Manufacturers Association, Nebraska Chamber of Commerce & Industry, Non-ferrous Founders’ Society, Oklahoma State Chamber of Commerce, Utah Manufacturers Association, and Wisconsin Manufacturers & Commerce.

Please remember we’re keeping the letter open, so if you know of any organization that would …

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admin2019-02-06T18:48:18+00:00July 1, 2005|