So...why is it that Tuesday night S Corporations were bad...but now

[Craig Roberts]

they're good?

Cheney called S Corporations a tax loophole when he attacked Edwards for organizing his law firm as one. Tonight Bush was concerned all those poor S Corporations were going to get taxed extra.

These guys are flip-flopping on S Corporations.

[Technowitch]

1. Bush/Cheney and the rest of the Repugs are full of it

Fact of the matter is, anybody who's actually part owner of a subchapter S corp, incorporated, or in a partnership will in most cases be making use of the services of a good accountant.

And if they aren't, they're crazy, but I digress.

Ain't nobody who owns one of these companies going to let $200k-plus be taxed at standard income tax rates. Period. There are so many alternative arrangements and business structures, it can literally make your head spin.

When you are part owner of a company, that company can deduct tons of expenses that your average Joe can't on the usual Schedule C. Moreover, income can be disbursed in a variety of means -- whether dividends (for corporations), profit sharing, or partnership income. NONE of these are taxed at the higher standard income tax rates that most people who hold down normal jobs are paying. Hell, if your biz has an extraordinarily good year, there are often means to defer income, and leave it in the company's accounts.

Anyway, Shrub was, once again, lying through his teeth.

-Technowitch
Co-owner of a California-registered Limited Liability Company (LLC)

[murielm99]

2. The average person watching this debate had no idea

what an S corporation was, and no desire to find out. They probably just blocked this from their minds.

I wish Kerry had made a simple, two or three sentence explanation of S corporations, and but * in his place with it.

However, Kerry did fine. * looked like a chimp on speed.