Political Quotes

“Again, this seemingly small provision in the tax extenders bill would have a $9 billion impact, and that is just on a subset of S corporations, these small businesses. This payroll tax provision ought to be stripped and sent back to the tax-writing committees where it can be addressed in the proper fashion. I strongly urge my colleagues to support the Snowe-Enzi amendment in our efforts to remove this misguided, outrageous new tax. I think there is support on both sides of the aisle for doing that. I thank the Chair and yield the floor. Exhibit 1 [From taxanalysts] Federal Research Library: IRS Revenue Rulings (Rev. Rul. 74-44; 1974-1 C.B. 287) rev. rul. 74-44 Advice has been requested whether, under the circumstances described below, an electing small business corporation incurred liability for the taxes imposed by the Federal Insurance Contributions Act, Federal Unemployment Tax Act, and the Collection of Income Tax at Source on Wages (chapters 21, 23, and 24, respectively, subtitle C, Internal Revenue Code of 1954). The corporation is a small business corporation with two shareholders, that has elected, pursuant to section 1371(a) of the Code, not to be subject to corporate income tax, but to have all its income taxed directly to its shareholders. In 1972, the shareholders performed services for the corporation.…”