Tax Policy and Small Business
Earlier this week, the Wall Street Journal reviewed the most recent comments by Senator Barack Obama regarding his plans for tax policy.
As we noted in the past, the bias is for higher tax rates beginning sometime in the next Congress. This bias stems from the make-up of Congress and the scheduled expiration of the 2001 and 2003 tax cuts and exists regardless of who becomes President.
That said, the S corporation community should pay particular attention to some of the proposals put forward by the Obama campaign - specifically, his plan to raise marginal tax rates …