Letter to Senator Mikulski on American Jobs and Closing Tax Loopholes Act of 2010

Please Join Senator Olympia Snowe and Senator Mike Enzi to support their amendment to strike the provision of American Jobs and Closing Tax Loopholes Act of 2010 which selectively assesses self employment taxes on profits within S Corporations which are identified as a "Disqualified Corporation" where the principal asset of such business is the reputation and skill of 3 or fewer employees." (Sec. 413)

S Corporations are currently required to pay a reasonable compensation to all officer-shareholders who provide services to the corporation. This compensation is subject to all Federal Employment Taxes.  (Revenue Ruling 73-361)

Please work to protect Small Businesses and remove Section 413 in it's entirety from American Jobs and Closing Tax Loopholes Act of 2010

This one section will overburden already overburdened small businesses in Maryland.

Please keep in mind Winston Churchill's statement:

"Some see Private Enterprise as a predatory target to be shot. Others as a cow to be milked. But few are those who see it as it is, the sturdy horse pulling the wagon."

Which are you?

Thank you for considering this request for action.