Washington Wire
House Small Business on CTA
With the Corporate Transparency Act in effect for several months now, the House Small Business Committee convened to discuss how the rollout of the new law is going. The short answer – not so good.
The hearing featured testimony from three small business stakeholders who covered everything from compliance costs to legal and cybersecurity risks posed by the reporting requirements.
The first witness was Carol Roth, whose …
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Main Street Backs CTA Repeal
Today over 100 trade associations, representing millions of small businesses nationwide, strongly supported legislation introduced by Representative Warren Davidson (R-OH) to repeal the Corporate Transparency Act (CTA).
Appropriately named the “Repealing Big Brother Overreach Act”, the legislation would put an end to the onerous and poorly-conceived reporting regime that targets virtually every small business operating in America. That effort will also be joined by Senator Tommy Tuberville (R-AL), who plans to introduce a companion bill …
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Fiscal Cliff Gets Renewed Focus
In a sign that lawmakers are not content simply waiting until next year to address a litany of scheduled tax hikes, House Ways & Means Committee Chairman Jason Smith yesterday announced a series of “tax teams” tasked with identifying legislative solutions to avert the 2025 fiscal cliff.
Ten groups in total, each comprised of at least give Republicans from the panel, will address a specific policy area, from manufacturing to global competitiveness.
The team that caught …
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Support CTA Relief
The House Small Business Committee is holding a hearing on the Corporate Transparency Act later this month. One witness will be Carol Roth, a bestselling author and small business advocate who has helped lead the charge against the poorly crafted law.
We’ve covered the CTA at length over the past few years but the bottom line is that while reporting under the CTA started already and the deadline is the year’s end, only …
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Main Street on the Hill
S-Corp and its friends at the National Federation of Independent Business hosted a Tax Day briefing for Hill staff and other stakeholders yesterday. The topic: the massive tax hikes threatening Main Street at the end of 2025.
As readers know, the expiration of the Section 199A deduction coupled with significant increases in the marginal rates paid by the 95 percent of businesses nationwide is a significant challenge …
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199A Takes Center Stage
As we wrote earlier this week, it’s a busy April for tax policy. The packed agenda kicked off Tuesday with a hearing at the House Small Business Committee entitled, “Exploring the Adverse Effects of High Taxes and a Complex Tax Code.” It was the perfect opportunity to highlight the tax priorities that are top of mind for the Main Street business community and did not disappoint.
The hearing had a number of high points …
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A Taxing Month for Lawmakers
Congress is back in session this week for what promises to be a busy April for tax policy. Here is a quick overview of what’s happening.
Smith-Wyden Bill in Senate
The big-ticket item is the $80 billion Tax Relief for American Families and Workers Act. This bill easily passed the House back in January but has remained stalled in the Senate since.
That’s largely due to Republican tax writers’ objections over the structure of the child tax credit, …
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C Corps for Everybody?
S-Corp’s mantra for tax reform is “S corps for everybody!” Tax all businesses once, tax them when the money is earned, tax them at a reasonable rate, and then leave them alone. In other words, tax them like S corporations. Moving the Tax Code towards what we call a “single tax system” would level the playing field for all types of businesses while eliminating the complexity and distortions created by the double corporate tax.
This …
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