tax reform - The S Corporation Association

New Year, Similar Outlook

It’s a new year but the outlook for tax policy remains remarkably unchanged. The list of possible to-do items Congress might take on this year is pretty much the same and includes:

Extension of the Payroll Tax Holiday;
Extension of the Tax Extenders package that expired at the end of last year;
Extension of the 2001 and 2003 tax cuts that expire at the end of 2012; and
Tax reform.

You might view this list chronologically. If Congress were to take up each of these separately, the Payroll Tax Holiday is sure to be first, whereas any tax reform effort, while highly unlikely, is sure …

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admin2019-02-01T20:24:43+00:00January 23, 2012|

Year-End Wrap Up

Two headlines in Politico this morning tell the story on tax policy for the remainder of the year: “Tax Cut Boils Down to Who Pays” and “K Street Mounts Last-Ditch Blitz for Tax Breaks.”

The first headline refers to the pending expiration of the payroll tax holiday. The Administration, Congressional Democrats, and some portion of the Republican conference support extending the payroll deduction through the upcoming year. As Politico reports:

It’s all but a foregone conclusion that President Barack Obama will win on the payroll tax-cut extension - on politics, policy or both - but Congress still has two weeks to …

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admin2019-02-01T20:24:44+00:00December 5, 2011|

Super Committee — Running Out of Airspeed and Ideas

Just like an old pilot, the Super Committee appears to be running out of options in its race to find $1.2 trillion in savings. With one week left before the November 23rd deadline, time is short and the sides are far apart. There has been a measurable increase in activity and it’s obvious the Committee members are trying to cobble together something, but can they bridge the gap?

The lack of time for the Committee to act would suggest no.

The deadline for them to favorably vote on a proposal is November 23rd, but the real deadline is much sooner. Why? The …

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admin2019-02-01T20:24:44+00:00November 16, 2011|

Pass-Through Businesses Get Their Day

On the heels of the release of the Ways and Means Committee’s discussion draft to reform the international tax code and drop the corporate rate to 25 percent, a Subcommittee of the House Committee on Small Business held a hearing Thursday morning to discuss how and why the business tax reform needs to include pass-through businesses.

Entitled “Pro-Growth Tax Policy: Why Small Businesses Need Individual Tax Reform,” the hearing was rife with good testimony. Tax Notes had a nice write-up on it this morning:

“Flow-through businesses would lose the benefit of widely used and long-standing provisions, such as accelerated depreciation and …

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admin2019-02-01T20:24:44+00:00November 4, 2011|

Ways & Means Releases Tax Reform Outline — Part I

The Ways and Means Committee Republicans released their long-awaited draft on international tax reform today. According to the Committee, today’s release is part of a series of reforms to be outlined by the Committee in coming months, the whole of which would make up a comprehensive rewrite of the tax code.

Good news there. As our Washington Wire readers know, we’ve been making the case since last January that any reform effort needs to be comprehensive.

According to the Committee: “Today, Ways and Means Committee Chairman Dave Camp (R-MI) unveiled an international tax reform discussion draft as part of the Committee’s broader …

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admin2019-02-01T20:24:44+00:00October 27, 2011|