tax cuts - The S Corporation Association

Tax Hikes under the Guise of Tax Relief?

Here’s more on what the House might be considering for its next tax bill this spring. As you’ll recall, last week they announced they would put forward a plan to address — that is, slow the growth of — the Alternative Minimum Tax among upper income taxpayers. This plan would be permanent, and would likely be offset with targeted tax increases elsewhere.

What would these targeted tax increases look like?

According to several sources, the Ways and Means Committee plans to lower the income thresholds applying to the 33 and 35 percent tax brackets. For married taxpayers filing jointly in 2006, the …

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admin2019-02-06T18:46:05+00:00March 13, 2007|

AMT Plan Imminent — House & Senate Moving in Different Directions

The Ways & Means held a hearing yesterday on the Alternative Minimum Tax. While there is broad consensus in the tax world that the AMT is broken, there is little common ground on exactly how to go about fixing it. To date, Congress and the Administration have confined their efforts to temporary, one or two year “patches” that raised the AMT exemption just enough to limit the growth of AMT taxpayers. The current higher exemption runs through 2006, however, so Congress needs to act in the next …

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admin2019-02-06T18:46:05+00:00March 8, 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 Corps Everywhere!

You couldn’t swing a dead cat in Washington last week and not hit somebody busy touting the benefits of S corporations to the American economy, job creation, and retirement security. First, the President highlighted S corporations while defending his record on tax policy at a news conference last week :

I believe if the Democrats had the capacity to, they would raise taxes on the working people. That’s what I believe. They’ll call it tax on the rich, but that’s not the way it works in Washington, see. For example, running up the top income tax bracket would tax small businesses. …

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admin2019-02-06T18:47:19+00:00September 22, 2006|

Senators Gordon Smith and Blanche Lincoln Introduce the BOOST Act!

Congress is back in session, and we’ve got good news! Senators Smith and Lincoln yesterday introduced S. 3857, the “Bringing Opportunities to Our Small-Business Taxpayers (BOOST)” Act. This legislation is designed to help all closely held businesses continue to grow and thrive. For our S-CORP members, the BOOST Act contains an entire section devoted to S-CORP priorities, including provisions to make it easier businesses to convert to S corporation status and provisions to increase S-CORP access to capital by reducing ownership restrictions on S corporations.

Combined with previous bills introduced by Congressman Clay Shaw (H.R. 4421), Congressman Jim Ramstad (H.R. 2239), …

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admin2019-02-06T18:47:19+00:00September 7, 2006|