Posted 2 years ago on Jan. 10, 2012, 4:40 p.m. EST by brightonsage
This content is user submitted and not an official statement
The Wall Street Journal has an article re Pass-throughs
A blogger has one as well: "Change to biz-tax structure would have repercussions for pass-throughs"
by John Michel on May 20, 2011
"Congress seems to be waking up to the long-evolving scenario that perhaps as many as half of all U.S. businesses and companies that employ half of the private sector workers are not federal income-tax-paying entities. They are so-called “pass-through” entities, better known as partnerships, limited liability companies and S Corporations."
John F. Michel, CPA
In fact, the IRS recently published statistics for corporate tax return filers for tax years 2005 through 2008, and it showed the number of C Corporation returns declined year after year while the number of S Corporation returns increased steadily over the same period.
Why is it, that when the economy is enjoying record profits the tax revenues go down and politicians want to collect taxes from people who don't earn enough to pay taxes?
Maybe it is because there is a leak in the pipe. The 1% has found (or bought) a loophole to lower the taxes they pay. Of course the deficit gets bigger but then they can complain about that too.
Where are the pass-throughs for the 99%?