tax rates - The S Corporation Association

Busy Week in Washington

Lots of activity on tax policy with implications for S corporations this week.

On Monday, the White House held a forum on the expiring tax relief and its potential to hurt the economy if it is not extended. In preparation for the forum, Treasury issued a collection of issue summaries that focus on the importance of keeping tax rates low, including the top two individual tax rates most in danger of going up in the next Congress.

As friends of S-Corp know, the debate over the …

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admin2019-02-06T18:06:08+00:00June 5, 2008|

More Details, Little Clarity on the Tax Front

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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admin2019-02-06T18:06:09+00:00May 8, 2008|

Small Business Week 2008

Washington loves small businesses, at least in its rhetoric.B April 20-26^th was Small Business Week.B The annual event is devoted to recognizing the “determination and ingenuity of America’s workers and entrepreneurs who play a vital role in building a more prosperous future for our country.”

Since 1963, every President has declared National Small Business Week to formally recognize the important role of small businesses in America.

In a discussion with small business owners, President Bush argued that “every day ought to be Small Business Day in America” and that government’s role should be “to create an …

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admin2019-02-06T18:06:09+00:00April 30, 2008|

President Bush Plugs S Corps in Chicago

Say what you want about this President, he understands the important role S corporations play in the economy and the critical link between low tax rates, business investment, and job creation. This excerpt is from the President’s speech in Chicago on Monday, but it could have come from any of his economic speeches over the past seven years.

“I don’t think there are many folks who believe that Washington really needs more of your money — I certainly don’t. Unfortunately, Americans could be facing higher taxes unless Congress takes action to stop it. You see, …

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admin2019-02-06T18:43:58+00:00January 9, 2008|

Rangel to Propose Corporate Rate Cut

The Wall Street Journal reports this morning that Ways and Means Chairman Charlie Rangel will likely introduce his “Mother of All Tax Bills” this week, a proposal marrying the repeal of the individual AMT with a cut in the top corporate rate to 30 or 31 percent.

How is he going to offset the revenue loss of all this tax relief? Here’s what we’re hearing:

Rate Increase on Upper Income Taxpayers;
Eliminate the Manufacturing Deduction;
Change the Rules Allocating Expenses on International Income;
Repeal LIFO (!);
Raise Tax Rates on Publicly Traded Partnerships and Hedge Funds.

Chairman …

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admin2019-02-06T18:44:36+00:00October 23, 2007|