E. Clay Shaw, Jr.: “What you are asking, you are adding up, just taking aid to families with dependent children.”

Even after the relief provided in 1996, S corporations face substantial obstacles and limitations not imposed on other forms of entities.

I urge my fellow members to review and support the S Corporation Revision Act, which will help families pass their businesses from one generation to the next and create a level playing field for small business.

This bill would remove this obsolete prohibition and also provide that S corporations can attract needed financing through convertible debt.

Ms. Norton, am I correct in saying that what you are talking about is the biggest tax increase in the history of this country?