tax breaks - The S Corporation Association

Finance Committee ”Blank Slate” Letter

Yesterday, Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch ruined the July 4^th vacation plans of every tax lobbyist in town with they laid out their new “blank slate” approach to tax reform.

In a letter sent to fellow senators, the two announced that they would work under the assumption that all exclusions, deductions, and credits currently written in the tax code have been repealed, and that only the most defensible provisions would be put back in. Sens. Baucus and Hatch called on their colleagues to defend the tax breaks they see as important, and gave senators …

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admin2019-02-01T20:08:24+00:00June 28, 2013|

Bailout Update

The Treasury Department announced over the weekend that it would infuse $250 billion directly into the banking system, starting with approximately $125 billion targeted at nine major institutions including Goldman Sachs and Citigroup.

Combined with the coordinated efforts of central banks around the world, the announcement appears to have successfully staunched the record erosion of equity prices over the past two weeks. Interest rates and other indicators are moving in a positive direction as well, indicating that the credit markets may finally loosen up.

If you are keeping track, the latest move by Treasury is just the last in a remarkable and …

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admin2019-02-06T17:22:36+00:00October 14, 2008|

President to Sign Fiscal Stimulus

The President is expected to sign the fiscal stimulus package on Wednesday. After two weeks of hand ringing and posturing, the Senate finally adopted a slightly modified version of the bill the House and the President originally had negotiated.

As sent to the President, the package would:

Send checks of $600 per filer and $300 per child to families with joint incomes of less than $150,000. Actual amounts will be calculated based on income tax filings for 2007, so expect the actual checks to be in the mail by late spring and early summer.
Encourage new business investment by increasing the limit on …

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admin2019-02-06T18:43:57+00:00February 11, 2008|

Debate Over Taxing Hedge Funds

Under the category of “We Told You So,” yesterday’s CongressDaily includes an analysis by Martin Vaughn that makes a point similar to the theme of our last Wire – that the debate over how to tax hedge funds is just the beginning of the debate over how to define and tax all sorts of income from ownership. Here’s how Martin sees it:

Forget Blackstone. Many smart people on both sides of the argument over whether to raise taxes on private equity and hedge fund managers’ profits see this as a proxy debate for whether the tax code should …

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admin2019-02-06T18:44:37+00:00July 20, 2007|

Lessons from the Failed Senate Energy Tax Package

As reported in the press, last week the Senate failed to add a sizable energy tax package to its comprehensive energy bill prior to adoption.

The Senate voted 57-36 not to end debate (60 votes are needed) on the tax package that was offered as an amendment to the broader energy bill. This vote fell short despite the fact the Finance Committee reported the package out by a bipartisan vote of 15-5 vote just a few days earlier.

While the package itself has little directly affecting S corporations, there are a couple lessons to draw from the challenge Senate leadership is having …

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admin2019-02-06T18:44:37+00:00June 29, 2007|