Democrats are seeking ways for eliminating Tax Breaks to Certain Business and Professional Corporations
The Democrats are pushing for new initiatives to shut down some tax loopholes that help some businesses, investors and professionals as a means to increase tax revenue to help ease impact of potential automatic spending cuts.
Some of the major loophole items that are targeted in their list are as follows;
1) Elimination of the tax deductions for Corporations who pay executives in stock options instead of Salaries.
2) Elimination of reduced tax rates for Hedge Fund Managers and Private Equity Advisors.
3) Elimination of avenues for escaping Corporate Taxes on Foreign Profits.
4) Elimination of Tax Provisions that help Professionals such Doctors, Lawyers, and Other Professionals and Consultants who incorporate (as an S Corporation) themselves to avoid Medicare Taxes on Pass Thru income or profits.