The U.S. House today passed H.R. 5376, the $1.75 trillion budget reconciliation bill which has been marketed by Democrats as the “Build Back Better Act.” If approved as-is by the Senate, the legislation will allocate roughly $1.75 trillion in spending over a 10-year period. The bill passed largely along party lines by a vote of …
Tag: tax
PIA Requests Removal of Tax Reporting Provision from Reconciliation Package
PIA has been vocal in our opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on all bank accounts over a certain de minimis amount. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service …
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PIA Reiterates Opposition to Burdensome Small Business Reporting Proposal
PIA has been advocating in opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) information on …
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PIA Opposes Burdensome Tax Reporting Requirements for Small Businesses
On September 17, PIA, along with several business groups, wrote to U.S. House leadership to oppose a proposal included in the reconciliation package currently under consideration that would impose a broad new tax information reporting requirement on small businesses throughout the country. The proposal would require financial institutions and other providers of financial services to …
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PIA Opposes Harmful Tax Hikes
PIA joined two business coalitions recently in pushing back on proposals within the forthcoming $3.5 trillion reconciliation legislative spending package; the proposals PIA objects to would lead to major tax increases for small business owners. The House Ways and Means Committee began considering the package on September 9. It would raise individual and corporate tax rates, …
PIA Objects to Attempts to Reduce or Repeal Passthrough Tax Deduction
PIA recently joined a coalition of business groups to express our continued support of the 20-percent tax deduction for the qualified business income of qualifying passthrough businesses, or S corporations. The 20 percent deduction was established by the 2017 tax reform law. PIA actively advocated for the passage of the 2017 tax bill (Public Law No. …
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PIA Opposes Admin. Proposal to Raise Taxes on Business Assets
The Biden Administration is proposing the imposition of tax increases on businesses to pay for its proposed transportation and infrastructure plan. As part of this effort, the administration wants to repeal the practice of stepping up the basis for the capital gains tax of assets transferred at death. This change would end the use of …
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PIA Priority, Permanent Tax Relief for Passthrough Entities, Introduced
On February 25, Reps. Jason Smith (R-MO) and Henry Cuellar (D-TX) and Senator Steve Daines (R-MT) introduced the “Main Street Tax Certainty Act of 2021,”(H.R. 1381/S.480) a bill that would make the current 20 percent tax deduction available to passthrough entities permanent. PIA strongly supports this legislation and is working with a coalition of business …
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