tax reform - The S Corporation Association

Corporate-Only Tax Reform Still a Bad Idea

Today, President Obama is announcing a repackaging of the corporate tax reform proposal he put forward back in 2012. Based on the White House fact sheet, the plan is a restatement of his 2012 plan coupled with a call to raise “one-time” revenues to pay for new spending.

To recap the 2012 plan, the President proposed to:

Cut the C corporation top tax rate to 28 percent;
Reduce the top rate on C corporation manufacturers to 25 percent;
Eliminate tax deductions, preferences and credits used by C corporations and pass-through businesses alike to offset the lower C corporation rates; and
Increase expensing limits …

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admin2019-02-01T20:08:24+00:00July 30, 2013|

S-CORP’s Comments to the Senate Finance Committee

Today is the deadline for the so-called “clean slate” process in the Senate, and while S corporations and other pass-through business entities are (properly so) not tax expenditures, we thought it was important that the priorities of this community be made clear to tax writers as they begin drafting their reform plans over August.

With that in mind, today more than 70 (!) national business trade associations, including the American Farm Bureau, the National Federation of Independent Business, the National Restaurant Association, and the S Corporation Association, signed a letter reiterating the three tax reform priorities of the pass-through community:

First, …

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admin2019-02-01T20:08:24+00:00July 26, 2013|

More Support for S Corp Modernization!

More groups are coming out in support for the provisions contained in H.R. 892, the S Corporation Modernization Act of 2013, sponsored by S-Corp champions Representatives Reichert (R-WA) and Kind (D-WI).

As you recall, S Corporation Modernization made up a significant part of Option One of the Ways & Means Pass-Through Discussion Draft. Now, a group of 19 business groups, including the National Federation of Independent Business, the National Restaurant Association, the National Roofing Contractors, the Printing Industries of America, and the S Corporation Association sent a letter to Congress expressing their strong support for the modernization of outdated S …

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admin2019-02-01T20:08:24+00:00April 17, 2013|

Anti-Tax Reform in the President’s Budget

The President’s budget is out, and for the second year in a row it seeks to redefine tax reform to fit its own purposes.

The vast majority of policymakers view tax reform as embracing two fundamental goals:

Increased simplicity for both taxpayers and the IRS; and
Lower marginal tax rates imposed on a broader base of income.

The President’s budget , however, would take us in exactly the opposite direction. Rather than simplify the tax code, it would make it more complicated, and rather than move towards lower rates and a broader base of income, it would selectively lower and/or raise rates based …

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admin2019-02-01T20:08:24+00:00April 11, 2013|

Main Street Business Community Supports Comprehensive Tax Reform

A coalition of more than forty Main Street business groups, including the S Corporation Association, the National Federation of Independent Business, the National Farm Bureau, the Restaurant Association, and the National Wholesalers Association, released a letter today calling on Congress to resist pressure to consider corporate-only tax reform.

As the letter states:

Every day, nearly 70 million Americans go to work at a firm organized as something other than a C corporation. These “flow-through” businesses, structured as S corporations, partnerships, LLCs, or sole proprietorships, represent 95 percent of all businesses and they contribute more to our national income and our job …

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admin2019-02-01T20:08:24+00:00March 20, 2013|