tax cuts - The S Corporation Association

Stimulus Update

The Washington Post reports that the Senate Stimulus bill is short of the 60 votes needed for it to move through the chamber. As the Post noted:

Senate Democratic leaders conceded yesterday that they do not have the votes to pass the stimulus bill as currently written and said that to gain bipartisan support, they will seek to cut provisions that would not provide an immediate boost to the economy.

The vote in the House did not help, with all Republicans and 11 Democrats opposing the House version of the package. The unified …

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admin2019-02-06T17:22:35+00:00February 4, 2009|

Stimulus Package Discussed

Following a closed-door planning session today of members of the Senate Finance Committee, we expect the Committee will mark-up the tax portions of a stimulus package as early as January 22^nd. As we indicated previously, committee members are committed to exerting their jurisdiction over the tax portions of the package. Moreover, there appears to be a growing debate over certain provisions in the Obama plans. As Dow Jones reports this afternoon:

“When asked about specific tax cut proposals made by Obama, Kerry said, “I think there are cuts …

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admin2019-02-06T17:22:36+00:00January 8, 2009|

Bailout Watch

The ongoing soap opera of the auto bailout continues, with Congress failing to find a means of balancing the needs of Detroit with the concerns of taxpayers and Senate Republicans. As a result, the bailout stalled in the Senate last week and the Administration appears poised to step in and use whatever authority it has — TARP, Treasury, Fed — to provide the companies with the liquidity necessary to survive into the New Year and the next Administration. A nice little Christmas present for the Obama economic team, indeed.

Whatever happens, what is clear is that the plight of Detroit will …

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admin2019-02-06T17:22:36+00:00December 17, 2008|

Extenders Advance

Following a series of votes on alternatives, the Senate adopted a $150 billion package of tax extenders yesterday by a vote of 92-5. The key components of the package include:

A one year extension of the higher exemption amount under the Alternative Minimum Tax. This provision will prevent about 20 million taxpayers from getting sucked into the AMT when they file their taxes this April.
An extension of expired and expiring personal and business tax provisions, including the state sales tax deduction and R&E tax …

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admin2019-02-06T18:06:06+00:00September 24, 2008|

Senator Clinton’s Tax Policies – Bad for S Corporations

Recently, we reviewed Senator Obama’s tax policies and how they might impact S corporations should he become President. What about Senator Clinton? If she becomes President, how would her tax policies impact small and closely-held businesses?

In general, Senator Clinton has opposed the rate relief and other tax reductions enacted over the past eight years. As she told one audience:

I want to restore the tax rates we had in the ’90s. That means raising taxes on corporations and wealthy individuals. I want to keep the middle-class tax cuts, and I want to start making changes that will save us money, save …

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admin2019-02-06T18:43:57+00:00March 31, 2008|