Pass-through businesses (sole proprietorships, partnerships, and S-corporations) comprised 95% of all US business tax returns in 2015, but only 40% of business receipts, with traditional C-corporations accounting for the rest.
Reconciliation legislation is passed through an expedited process. First, Congress passes a budget resolution containing “reconciliation instructions” telling congressional committees how much they need to...
In 2016, income from partnerships and S corporations, a form of "pass-through" income, totaled 27% of adjusted gross income (AGI) for those with AGI over $1 million, compared to 1% for those with AGI under $100,000.
While there is no chance that Congress will agree to broad-based tax reform before the next president takes office in 2017, lawmakers are making one last effort to enact a more narrow business-based reform. But they face a big challenge: reforms under consideration could raise taxes paid by many
Today I had the chance to testify before the House Small Business Committee on the many tax issues facing small business. Here are my opening remarks. You can find my full testimony here . America’s tax system is needlessly complex, economically harmful, and often unfair. Despite recent revenue