Congress Asked to eliminate Partnership and S Corp treatment

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According to Bloomberg news, U.S. Treasury Secretary Timothy Geithner told the Senate Finance Committee Feb. 15 that Congress should “revisit” long - standing rules that give businesses a choice of paying taxes as a corporation or through a structure such as a partnership through which they can report business income on individual tax returns.

When that suggestion is put into context with the fact that the United States has the highest effective corporate tax rate in the OECD and fifth overall among 83 countries surveyed by the Cato Institute, the question of overall U.S. competitiveness must be raised. The average effective rate among the 83 countries was just under 18%.

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Published In: Business Organization Updates, Elections & Politics Updates, Finance & Banking Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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