S Corporations Hit by Tax Hikes
Our friends at McGladrey LLP have a new survey out of mid-market firms showing just how hard those companies have been hit by the tax rate hikes championed by President Obama and his allies in Congress.
Recall that in the run-up to the Fiscal Cliff, Ernst & Young released a paper on our behalf that predicted the higher rates set to begin in 2013 would hurt investment and job creation by significantly hiking taxes on mid-sized employers. Over the long-term, E&Y estimated the U.S. would lose 710,000 jobs.
Now McGladrey’s survey shows just how those job losses and lower investment …