Tom Nichols on the Backdoor Tax Hike That Needs to be Repealed

Our guest is Tom Nichols, partner at the Milwaukee-based Meissner Tierney Fisher & Nichols, longtime advisor to S-Corp, and author of an excellent new piece exposing the Section 461(l) Excess Business Loss limitation for the money-grabbing fraud it is. Tom walks through the provision's origins, the harm it does to affected businesses, and how flawed revenue estimates drove the policy. We also get into our SALT Parity efforts and how the state laws and legal analysis he drafted helped pave the way for $20 billion in annual tax savings for Main Street businesses.