Political Quotes

“Mr. President, I rise to submit a sense of the Senate resolution that clarifies my opposition to tax increases on the job- creating sector of our economy--small business. It is becoming increasingly clear, and increasingly concerning, that the administration is proposing to raise taxes on America's small businesses, either by forcing them to reorganize as subchapter C corporations solely for tax reasons and be subjected to new and additional taxes, or, by allowing them to remain organized as flow- through entities, where they will face massive increases after 2012 when current tax rates expire. Our Nation simply cannot afford an impending tax increase of over $800 billion. Subjecting small businesses to the double taxation of corporate-entity status would be a major mistake. There has been tremendous growth in the number of flow-through entities--that is, non-C corporations--over the past 30 years and this growth has only accelerated in the last decade. Since 1997, S corporations have outnumbered C corporations. Fifty percent of all income above $250,000 currently is attributable to flow-through businesses. By 2007, only 5.9 million out of a total 32.1 million U.S. businesses, or just 18 percent, were C corporations, meaning the overwhelming number of businesses in this country organize as flow- through entities. The administration is proposing to eliminate choice and require C corporation formation purely to generate revenue.…”