1. Small businesses drive tax reform debate

    Small businesses drive tax reform debate

    Small businesses have become the crux of the tax reform debate, with Republicans saying it makes no sense to do only a corporate overhaul because it will leave behind millions of mom-and-pop shops that file their taxes as individuals. Under current law ...

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    1. The top tax rate on subchapter S corporations in America — which is eight out of 10 businesses in America — their top tax rate's 44.6 percent.
    2. How can we compete with the likes of all the rest of the world when we tax our job creators and our employers at much, much higher tax rates than our competitors tax theirs?
    3. If you drop the rate for pass-through entities and not for individual taxpayers, once the differential becomes too large, people will start trying to re-characterize employment income as pass-through income.
    4. With this 15 percent pass-through, hedge fund managers, corporate lawyers and big business CEOs who make millions of dollars every year would pay 15 percent, while their workers will pay 20, 25, 30 percent.