Free Republic

Subchapter S Corporations Recently, I saw on Tucker Eskew's internet blog someone had posted this message in comments:I have a small business and I keep hearing how Kerry is going to raise taxes for people over 200K and how that is going to hurt me.Some Dem told me that it would only matter if I was a Subchapter S business where the AGI (Adjusted Gross Income) would be over 200K. He says that this is only about 1% of small businesses because most small businesses making over 200K are not classified as Subchapter S corporations. Can one of you help...

The Kerry campaign finally released Teresa Heinz Kerry's 2003 tax return, or rather two pages of it, late last Friday, and the story got buried next to the hardware-store ads.... ...In 2003, Mrs. Kerry -- or Teresa Heinz, as she declared herself on her IRS 1040 form -- earned $5.07 million, hardly a surprising income for someone estimated to be worth nearly $1 billion. The news is that $2.78 million of that income came in the form of tax-exempt interest from what the Kerry campaign's press release attributed to investments in "state, municipal and public entity bonds." ...On her remaining...