President’s Budget and S Corps

The President’s budget came out today, and despite the fact that it and the many proposals it contains are unlikely to move through Congress, there are a number of items of specific concern to S corporations that are worth a look. You can find the overall budget documents at the OMB website. For S corporations, the items that jump out at us include:

  1. Expiration of current rates for higher income taxpayers.
  2. Imposition of a new “Buffett Tax” on taxpayers earning more than $1 million.
  3. Principles for tax reform.

We’ll get to these items, but first, a note about baselines. One possible area of

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