Tax Notes Article by Jaime Arora: "Senate Finance Releases Reform ...

Tax Notes has published an article by Jaime Arora, an analyst with Tax Analysts. ?The article discusses the recent release of the Senate Finance Committee's discussion paper on reforming income types relating to business entities. ?The paper includes an exhaustive inventory of issues on the the topic and numerous citations to academic editorials. ?Highlighted in the inventory are the following:

1) ?Treating all or most types of income the same while maintaining two (2) levels of tax on the earnings of C corporations. ?Two options given in the paper for achieving this are to a) tax capital gains, dividends and ordinary income at the same rate or b) narrow the difference between the rates;

2) ?Integrating corporate and individual income taxes. ?To this end, the paper references a) taxing dividends as ordinary income while giving shareholders a tax credit for corporate taxes paid or b) giving corporations a "dividends paid deduction"; and?

3) ?Redefining the differences between passthrough entities and C corporations. ?Possible options outlined in the paper addressing this issue include a) requiring publicly traded partnerships or large passthrough entities to pay tax as C corporations; b) getting more businesses to pay tax on a passthrough basis; and c) revising rules regulating investment companies and real estate investment trusts.

See?Jaime Arora, "Senate Finance Releases Reform Options For Types Of Income And Business Entities," 2013 TNT 111-6 (June 10, 2013).Posted by?Kelly Humke, Associate Editor, Wealth Strategies Journal

Source: http://www.wealthstrategiesjournal.com/2013/06/tax-notes-article-by-jaime-aro-1.html

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