Main Street Employers on Tax Overhaul

The Parity for Main Street Employers (PMSE) coalition released a new survey highlighting the pass-through business community’s initial reaction to the tax Cuts and Jobs Act (TCJA).  Early results indicate that the tax relief promised to non-corporate employers is in danger absent clear guidance from IRS and Treasury.  Key results include…

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Business Community Letter on Aggregation under 199A

As the Treasury Department and Internal Revenue Service drafts rules necessary to implement HR 1, the undersigned organizations request that you use your regulatory authority to adopt a reasonable method of calculating the new 20 percent pass-through deduction to ensure Main Street businesses are not penalized based on how they are organized for business purposes…

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Main Street Employers Group Launches Tax Reform Implementation Effort

Today the Parity for Main Street Employers (PMSE) coalition, comprised of trade groups representing American Main Street businesses, named Chris Smith as its new Executive Director. Smith is a Washington public affairs veteran and a former Chief of Staff for both the U.S. Treasury Department and the House Ways and Means Committee…

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Can Main Street Businesses Just Convert? No!

If “corporate-only” advocates have their way and the corporate tax rate is reduced, should pass-through businesses just switch to C status to access the lower rates?   Would that shift improve the tax code and how we treat closely-held businesses?  The answer to both questions is an emphatic no…

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WSJ Op-Ed: Family Businesses Deserve a Tax Break

The U.S. is unique in its prevalence of small and family-owned businesses. S corporations and other pass-throughs employ the majority of workers and are the foundation of thousands of local economies, ensuring that the benefits of economic growth aren’t concentrated in a few financial centers…

Read the full op-ed by S Corporation Association President Brian Reardon by clicking here.

Pass-through Businesses: Data and Policy

Key Findings

  • The majority of companies in the United States are pass-through businesses. These businesses are not subject to the corporate income tax; instead, their income is reported on their owners’ tax returns and subject to the individual income tax.

  • Over the past thirty years, the pass-through business sector has expanded significantly. Pass-through businesses now earn more net income than traditional C corporations and employ the majority of the private-sector workforce…

 

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2016 Main Street Employers Principles Final Letter

Dear Chairmen and Ranking Members:

 

As Congress debates tax reform to make American businesses more competitive, the undersigned organizations representing employers organized as S corporations, partnerships and sole proprietorships offer the following three principles to help guide your efforts…

Read the full letter by clicking here.

 

An Overview of Pass-through Businesses in the United States

Key Findings

  • Pass-through business income is taxed on the business owners’ tax returns through the individual income tax code.

  • Pass-through business income faces marginal tax rates that exceed 50 percent in some U.S. states.

  • Pass-through businesses face only one layer of tax on their profits compared to the double taxation faced by C corporations…

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