Senate Finance - The S Corporation Association

Business Groups Endorse Comprehensive Tax Reform

As the Joint Select Committee on Deficit Reduction considers tax reform options, a large and diverse group of business associations has written to the Senate Finance and House Ways and Means Committees making clear that any effort to reform the tax code must be comprehensive and it must recognize the critical contribution pass-through businesses make to investment and job creation in the United States.

Released on Wednesday, October 12^th and signed by 44 business associations, including the National Federation of Independent Business, the National Association of Wholesale Distributors, the Associated General Contractors, the American Council of Engineering Companies, the Independent Community …

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admin2019-02-01T20:24:44+00:00October 12, 2011|

Pass-Thru Employment Takes Center Stage

Robert Carroll’s study on pass-thru businesses continues to be a centerpiece in the tax policy discussion here in DC.

At yesterday’s Finance Committee hearing on the future of tax rates, Bill Rys from the National Federation of Independent Business did a great job of articulating just how many people work for pass-through businesses and why raising tax rates will hurt their ability to invest and create jobs. As Bill pointed out in his testimony:

Based on 2008 tax data, pass through businesses represented 95 percent of all business entities. These businesses employed a majority – 54 percent - of the total private …

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admin2019-02-01T20:24:45+00:00September 15, 2011|

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 …

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admin2019-02-01T20:48:05+00:00May 10, 2011|

The “Ideal” Way to Tax Businesses

The story on tax reform continues to progress. Last week, the Senate Finance Committee held another in its series of hearings on the various aspects of reform. This hearing, entitled “How do Complexity, Uncertainty, and Other Factors Impact Responses to Tax Incentives?” brought forth witnesses Dr. Robert Carroll, Dr. Eric Toder, and Dr. Raj Chetty.

The internet feed of the hearing was playing in the background on our computers last Wednesday when this exchange took place:

Senator Snowe: Dr. Carrol, could you give us some comments on [the corporate-only approach to tax reform because that is a problem, requiring flow-throughs to …

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admin2019-02-01T20:48:06+00:00April 5, 2011|

New Tax Writers

The Senate last week announced the new members of the tax-writing Finance Committee. The announcement followed several weeks of negotiations over committee ratios of Democrats to Republicans, in addition to a related fight over amending Senate rules. The fact that committee assignments were announced on the same day that the Senate voted on some of those reforms is no coincidence.

As to the Finance assignments themselves, the Committee is getting one new Democrat and two new Republicans, bringing the Committee’s overall membership up to 24– an increase of one from last Congress, with 13 Democrats and 11 Republicans. The new members …

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admin2019-02-01T20:48:06+00:00February 1, 2011|