Republicans seeking 'carve out' for small business owners in budget talks

Rick Moran
I doubt whether this will fly, for the simple reason the Democrats think they have the GOP on the run when they hear stuff like this. Politico: Maine Republican Susan Collins and other GOP senators are toying with what they're calling a "carve-out" to benefit small businesses that pay their taxes through the individual side of the Tax Code. A sort of GOP Plan B, a carve-out could give Republicans - and some red state Democrats - a way to save face if they're faced with a choice between allowing the government to go over the fiscal cliff or swallow some sort of marginal tax rate increases. Collins, for her part, is reprising her proposal to impose a 2 percent surtax on the wealthiest earners, with a carve-out. But the concept could also apply to a broader marginal rate increase. The idea is to exempt those profits, from S-corporations, partnerships and other passthrough entities, from the income tax increases Obama wants for top earners. But it's far from clear whether a carve-out...(Read Full Post)

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