State Wealth Taxes Target Family-Owned Businesses
Shark Tank’s Kevin O’Leary went on CNN last week and made the case for how the policies in some states are making them “uninvestable.” Not sure that’s a word, but he has a point. It’s worth watching.
What sort of policies is he talking about? Wealth taxes, for one. The topic of wealth taxes at the state level has been top of mind since January …
New Budget Continues the Assault on Main Street
President Biden unveiled his budget proposal for the upcoming fiscal year yesterday and, as we predicted, it’s packed with tax hikes and other poorly-conceived policies that directly target the Main Street business community. The document calls for $4 trillion in tax hikes, nearly half of which would fall on the backs of small and family-owned businesses.
In response, S-Corp joined with 85 trade associations yesterday – including the American Farm Bureau Federation, Associated General …
An Anti-Main Street Budget
The President is set to release his third budget later today and, as in the past, it’s sure to call for higher taxes on family-owned businesses. The Administration already circulated a fact sheet on its Medicare plan which includes a $300 billion-plus tax hike on S corporations and partnerships (see below). Meanwhile, the President has been talking for weeks about making “super-wealthy tax cheats” pay more in taxes. That’s code for raising taxes on …
It’s the Spending
Tonight’s State of the Union address will call for increased stock buyback taxes and a billionaire minimum tax, among other items. Neither is going anywhere.
Business owners should focus instead on the pending debt limit debate, which has begun in earnest and has the potential to establish the tax and spending battlelines for the coming decade.
The simple fact is the federal government is entering into unprecedented territory when it comes to our deficits and debt, …
Talking Taxes in a Truck Episode 25: “A Quiet Place”
With the 118th Congress underway, there’s a general sentiment that the next two years of divided government will be a quiet place for tax policy. To explore that question we invited Marc Gerson, Miller & Chevalier’s Tax Department Chair and longtime S-CORP ally, for a return visit to the podcast. Marc breaks down the tax policy to-do list facing Congress, runs …
Your State Could Be Costing You Millions
To mark the five-year anniversary of the Tax Cuts and Jobs Act, Tax Notes recently released a podcast reflecting on the 2017 bill, with a focus on how states have responded to its $10,000 cap on state and local tax (SALT) deductions. It’s a great reminder of how much the S Corporation Association has helped accomplish in that time, the billions of dollars being saved by businesses each year, and the confounding fact that …
Main Street Backs CTA Legal Challenge
This week, the Main Street business community voiced its support the National Small Business Association’s lawsuit challenging the constitutionality of the Corporate Transparency Act (CTA).
The letter was signed by more than 45 trade associations, including the International Franchise Association, National Roofing Contractors Association, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable. These trades represent businesses from every state and nearly every sector of the economy.
As the letter makes clear, the CTA …
Talking Taxes in a Truck Episode 24: “I’m Worried About Everything”
If you operate a business, your inbox is probably full of solicitations from firms promising a big payday through the Employee Retention Credit. We receive several a day, which got us wondering – what’s the real story here? To address that question and more, we invited Lynn Mucenski-Keck, a Principal at Withum and prolific writer on federal tax policy to discuss the history of the ERC, the interplay between the credit and the Section 199A …