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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (487997)	5/21/2012 2:54:33 PM
From: DMaA	Read Replies (1) \| Respond to of 794009

But instead what happens? The democrats take the initiative proposing increased taxes AND spending and it is left to the republicans to say no ( if we're lucky) and to take the heat. heritage.org Student Loan Payroll Tax Increase: Another Attack on Small BusinessBy Curtis Dubay May 8, 2012 President Obama is campaigning heavily for Congress to prevent the lapsing of a special low-interest rate on student loans. Specifically, unless deferred, the interest rate will rise from 3.4 percent to 6.8 percent on federal Stafford student loans issued after July 1. [1] Senate Majority Leader Harry Reid (D–NV) has proposed to offset the cost of continuing to subsidize these loans by raising taxes on small businesses to the tune of $9 billion over 10 years. [2] This is the latest in a series of tax increases on small businesses pursued by both President Obama and Reid. It would set a dangerous tax policy precedent that Congress should reject. Tax Increase, Not Loophole Closing Reid’s small business tax increase would consist of applying the 15.3 percent payroll tax on certain income earned by small businesses organized as S-corporations. The income newly subjected to the payroll tax under Reid’s plan would be business income distributed to shareholders who also work for the business. [3]