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Congress Trying to Increase Small Business Taxes

by | Mar 5, 2005 | Uncategorized

Congress is trying to increase taxes on small businesses that are LLCs LLPs and S corporations. Presently, if a shareholder of an Scorporation or a Limited Parter of a Limited Liability Partnership or investor Member of a LLC has no participation in the management of the business, income received is not suject to the onerous Social Security/Medicare double tax. In order to raise taxes, some members of Crogress are trying to tax all of the distributions as if they were earning from work and therefore collect unwarranted Social Security and Medicare taxes.

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