This week the House Committee on Small Business held a hearing to consider reforms that would promote equality and growth for S corporations. Rick Klahsen, a member of the S Corporation Association’s Board of Advisors testified on our behalf.
Rick’s testimony reviewed the dramatic growth of S corporations over the last half-century and identified critical reforms Congress should consider to improve the S corporation rules and level the playing field …
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Foreshadowing things to come, the House on Thursday adopted legislation to increase Veterans education benfits by raising marginal tax rates on individuals – including S corporation shareholders – making $500,000 a year or more. As Congress Daily reported:
“The House, as one portion of a three-part war funding supplemental spending package, approved a provision that would pay for a four-year college degree at any public university for veterans of the wars in Iraq and Afghanistan for at least three years. To pay for the increase — $52 billion over 10 years — the House Thursday voted to impose a 0.47 percent …
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Just to keep everybody up to speed, there are a couple recent tax items of note.
First, CongressDaily reports the House may take up yet another extender package prior to the Memorial Day recess. This package reportedly includes energy provisions as well as the expired extenders like R&E and the state and local sales tax deduction. An extension of the Alternative Minimum Tax “patch” does not appear to be under consideration.
Regarding the central issue of whether the revenue impact of the package will be offset by accompanying tax increases, Majority Leader Steny Hoyer …
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Last Tuesday the Senate Finance Committee held the first of several planned hearings on tax reform. These hearings are being held in preparation of the 111th Congress, when the Ways and Means and Finance committees will be tasked with re-writing a significant portion of the tax code.
As we’ve pointed out before, fully one-tenth of the tax code either expires in the next couple years or is made up from the marginal tax revenue captured by the individual Alternative Minimum Tax. Producing legislation in one Congress to address both those issues is going to …
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While everyone else is predicting the presidential primaries, we thought we’d take a look at the forecast for tax policy in Congress this year.
The usual refrain for a presidential election year is that all the real policy issues are pushed aside in favor of posturing for the election and the following session of Congress.
While we expect to see lots of posturing, there are two reasons why some real tax work might get done this year, namely, the deteriorating economy and the expiration of the R&E tax credit and other tax extenders.
Nearly all of the Presidential candidates have put forward a …
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