I read a very short piece in the paper today about a case, Gitlitz vs.
IRS Commissioner, in which the Senate is considering a loophole in the
Internal Revenue Code regarding Subchapter S corporations. Aside from
the fact that the short piece said nothing substantive, and forced me to
look online for more information (which I still don't quite understand,
since I'm not an accountant), it makes the following statement regarding
a considered revision of the Subchapter S law:
"... and also would raise revenue that could be used to pay for
additional tax cuts."
First of all, you don't "pay" for tax cuts. This is an idea fostered by
liberals in congress. Tax cuts occur when Congress overtaxes us, and
only then if we're lucky enough that someone keeps them from spending
every damn dime and more of the overage. Second, they want to raise
revenue so they can give tax cuts? Is this three-card monty? Do us a
favor, guys. Just lower taxes in the first place. Raising revenue so you
can look like you're doing us a favor by giving it back is just
pandering.
(BTW, this item piqued my interest primarily because my company is a
Sub-S corp. I get few enough breaks anyway, and when Congress starts
meddling with things, I start feeling like a long-tailed cat in a room
full of rocking chairs.)
Paul
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