tax hike - The S Corporation Association

S Corporations Hit by Tax Hikes

Our friends at McGladrey LLP have a new survey out of mid-market firms showing just how hard those companies have been hit by the tax rate hikes championed by President Obama and his allies in Congress.

Recall that in the run-up to the Fiscal Cliff, Ernst & Young released a paper on our behalf that predicted the higher rates set to begin in 2013 would hurt investment and job creation by significantly hiking taxes on mid-sized employers. Over the long-term, E&Y estimated the U.S. would lose 710,000 jobs.

Now McGladrey’s survey shows just how those job losses and lower investment …

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admin2019-02-01T20:01:38+00:00October 20, 2014|

S-CORP Clips | October 1-10

A compilation of the business tax related stories that caught our eye

Administration on Tax Reform

The President’s economic advisors have been unusually busy in recent weeks. National Economic Council Director Jeffrey Zients was firm in his conviction that tax reform could get done in the new Congress, citing the “remarkably overlapping” approaches of Obama’s plan and the Camp draft.

It is true there are some common themes in the Camp and Administration proposals, but also there are major – and fatal – differences as well, including:

The Camp Draft is budget neutral while the Administration’s plan would raise revenue;
The Camp …

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admin2014-10-10T19:13:33+00:00October 10, 2014|

The Importance of Pass Throughs

Put on your “must read” list a new paper from our friends at the Tax Foundation highlighting the importance of pass-through businesses to jobs and employment. It’s the best written and most comprehensive summary of the issue we’ve seen to date. Here’s how it starts:

Support for lowering the corporate tax rate – now the highest in the OECD – has been expressed by both Democrats and Republicans in order to improve the competitiveness of American businesses. However, they differ in their plans for the individual tax code. While Republicans have proposed lowering the top individual rate from 39.6 percent to …

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admin2019-02-01T20:08:23+00:00September 10, 2013|

Camp Pushes Comprehensive Reform

The Wall Street Journal reports that Ways and Means Chairman Dave Camp wants to push tax reform that addresses both the corporate and individual tax codes. That’s good news for S corporations and the majority of employers out there. According to The Journal:

The chairman of the House Ways and Means Committee wants to cut the top U.S. tax rate to 25% for individuals and corporations, and cut or eliminate many popular deductions.

The odds of quick action appear slender. But the move, from Rep. Dave Camp (R., Mich.), is significant as a marker in what will likely be a multiyear debate …

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admin2019-02-01T20:48:06+00:00March 23, 2011|

Senators Snowe and Enzi Take On Small Business Tax Hike

The payroll tax hike in the House-passed extenders bill moves to the front burner in the Senate this week.

Senators Olympia Snowe (R-ME) and Mike Enzi (R-WY) introduced an amendment late last week to strike the provision from the bill. As a potential swing vote on the overall package, Snowe’s opposition in particular is sure to catch Leadership’s eye.

“At a time when Congress continues to dither on enacting a small business jobs bill, Section 413 is a poison pill in this tax bill, robbing American small businesses of the capital they need to create new, good-paying jobs,” Senator Snowe said in …

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admin2019-02-06T17:20:59+00:00June 14, 2010|