senate - The S Corporation Association

Yet Another “Millionaire Surtax” Introduced in the Senate

Yesterday, Senators Collins (R-ME) and McCaskill (D-MO) introduced legislation to extend the payroll tax holiday, among other things, and to pay for it with a mixture of tax hikes. Primary among the tax hikes is yet another modified version of the millionaire’s surtax. By our count, this is the fifth surtax considered in the Senate in the last three months.

In this case, the surtax is two percent and would apply to incomes exceeding $1 million, excluding small business income where the taxpayer works at the business. The goal of this exception is to avoid the charge that the surtax would …

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admin2019-02-01T20:24:44+00:00December 8, 2011|

Senate to Consider Surtax

Senate Majority Leader Harry Reid (D-NV) reportedly plans to bring up the President’s Jobs Bill this month and pay for it with a new 5 percent “surtax” on taxpayers making more than a million dollars. According to Politico:

Senate Majority Leader Harry Reid is eyeing a tax on the nation’s highest earners as a way to defray some of the $447 billion price tag for the White House-written jobs package-a move that would shift attention away from its underlying policies and more towards party politics. Sources on and off Capitol Hill said Reid wants to swap out the bill’s current …

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admin2019-02-01T20:24:44+00:00October 5, 2011|

The President and Cantor on Taxes

The Hill was all atwitter last evening with rumors that some sort of deal had been reached over raising the debt ceiling and the deficit reduction package that needs to accompany that legislation.

In moments like these, the question we ask is: A deal between whom? Certainly not the President and House Republicans, which is the ”deal” that matters most at this moment. Nonetheless, the news yesterday gives us some additional insight into where negotiations stand.

The three moving parts behind the rumor were: 1) the pending meeting today between the President and Hill leadership; 2) the President’s concession that both Social …

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admin2019-02-01T20:48:05+00:00July 7, 2011|

Rate Debate is All But Over

Another interesting week in our nation’s capital. The big news is the tax deal struck between Congressional Republicans and the White House. We expect this deal to pass, with few changes, either next week or when Congress returns the first couple weeks in January. Here are some useful summaries and the legislative text if you’re interested:

The Senate is going to take the package up on Monday and should pass it Tuesday night or Wednesday morning. It then goes to the House, where it faces an angry liberal caucus and …

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admin2019-02-04T15:47:03+00:00December 10, 2010|

Latest on Rate Debate

Congress and the Administration continue to move through the three-step dance necessary to come to closure on the debate over extending expiring tax provisions.

Step 1 took place two weeks ago when the Democratic and Republican leadership met with President Obama. The meeting didn’t result in any agreements, but it did move the ball forward when both sides agreed to appoint six negotiators to begin talks — Treasury Secretary Geithner, OMB Director Lew, House members Van Hollen (D-MD) and Camp (R-MI), and Senators Baucus (D-MT) and Kyl (R-AZ).

Those negotiators have been meeting regularly and any agreement they reach would act as …

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admin2019-02-04T15:47:03+00:00December 6, 2010|