EITC - The S Corporation Association

Camp Draft Released

Ways and Means Chairman Dave Camp (R-MI) released his long-awaited tax plan yesterday. The Chairman has worked hard to put out a plan that addresses the biggest challenges faced by the tax code, and he should be applauded for keeping this effort alive.

From day one, Camp has been our lead in promoting comprehensive reform that addresses both the individual and the corporate tax codes. Such an approach was needed if pass-through businesses like S corporations and LLCs were going to be treated in an even handed manner. This priority of leveling the playing field was embraced by our Main …

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More Details on the Rangel Tax Bill

At a members briefing this evening, Ways and Means Chairman Charlie Rangel outlined his “Mother of All Tax Bills” to the Committee membership. In essence, he outlined three separate bills that he will introduce in one package:

– A bill to repeal the individual AMT and provide tax benefits for low income families; A bill to extend for one year a group of tax provisions scheduled to expire at the end of 2007, including the temporary AMT “patch”; and
– A bill to cut the corporate tax rate down to 30.5 percent.

As S-Corp readers know, the tax benefits from these three …

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