BRT Offers Up Higher Tax Rates on Pass-Through Businesses
The Business Roundtable (BRT), an association of some of America’s largest multinational corporations, today sent a letter to congressional leaders and the President calling for comprehensive tax and entitlement reform, but also leaving the door open for higher tax rates on individuals and smaller businesses.
In response, Brian Reardon, Executive Director of the S Corporation Association issued the following statement:
“We agree with the Business Roundtable that the only way to address our long-term fiscal challenge is through comprehensive reform of both the tax code and our entitlement programs, but we disagree that Congress should consider raising marginal rates on pass-through businesses as part of those reforms.”
“Both the Congressional Budget Office and Ernst & Young have made clear that higher marginal rates will result in fewer jobs now and in the future. The business community needs to unite behind comprehensive tax reform that lowers marginal rates on all businesses, not just multinational corporations.”