In a letter to Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., the business groups said they opposed legislation supported by Democrats that would cover the $6 billion cost of keeping interest rates on federal student loans from doubling by subjecting S Corporations to payroll taxes.
They said the bill would make tax collection "less enforceable than current law and will do little to increase compliance."
The Senate plans to take up the student-loan legislation, with the S Corporation pay-for, next week. ...
Increasing taxes on S Corporations has long been viewed as a potential revenue raiser, but the offset is unlikely to survive at this time.
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