New Life for the Good Old S-Corp hipes for a new bill in the House of Representatives which would alter the mandated regulations of S-Corporations. The basic amendments would allow for unfettered use of passive income, issue preferred Stock, and grants alien nonresidents right to participate in organization of S-Corporations. Guess What? These are the very necessities required to turn S-Corporations into Holding Companies at a lower rate of taxation than normal Corporations. Our dear Legislators at work!
Tax Tradeoffs by Mark Thoma outlines how Our Republican Congress is attempting to cut Domestic programs through passage of the Gregg bill. It might be long, but worth the time of reading it, when One understands the Republicans propose to fund actual Deficit Spending by avenue of eliminations from Domestic programs, this to the tune of over $200 billion per year some time after Bush leaves Office. The Republicans are working hard to entrench Tax Cuts which should never have been passed in the first place, and make poor Americans pay for them.
The real humor of the situation lies in American refusal to denude the Domestic programs on which all Americans depend. Republicans cannot stop angry Americans from coming after the Cash with simple Paperwork--even if they call it law. I herein do propose a new Alternate Alternate Minimum Tax which states simply no American can claim any Tax reduction which allows him to pay less Tax than any Taxpayer making less Income from any Source has been made to pay. Required Make-up payments to be paid the following Year, without deduction of such as Expense. A flat tax will be assessed to all Aliens nonresidents who make Income in the United States of 30%. Resident Aliens to be taxed as Americans. Republican should back off their attack upon the Welfare of the American people, lest they endure real injury. lgl