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THE PRESIDENT IS HIP TO S CORPORATIONS!
February 20, 2004
An S corporation owner who has his own weblog visited with President Bush this week to talk taxes. Afterwards, the President showed that he knows what an S corporation is, and also touched on Section 179:
Rex Hammock is with us. Last stander. From Nashville, Tennessee. He started his own company...
And he did, and he's got what is called a subchapter S corporation. Many of you know what that means, but for those who don't, it means that you get taxed at the individual income tax level. So when we cut the rates on everybody, not just a few, it helped Rex, made him a little more comfortable in his ability to plan. But more importantly, by raising the level of deductibility for small businesses to $100,000, it provided incentive for him to invest. And so this year, he told me he's going to spend $100,000 on computers, scanners and software to help his employees in his publishing business become more productive...
We always thought presidents paid other people to know what an S corporation is. Maybe he should challenge his eventual opponent to go mano-a-mano with him in a televised tax code death match.
It is good to see that President Bush grasps that lowering individual taxes directly lowers business taxes because so many businesses are S corporations, partnerships and proprietorships. It would be nice if that knowledge were more widespread in policy circles.
(Link via Instapundit)
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Comments
"Mano-a-mano" = I know exactly what you're talking about when you're using that quote with G.W. Brilliant.
Posted by: Cedar Pundit | February 21, 2004 4:52 PM
Thanks, Cedar! And congratulations on the Vodka-visitation.
Posted by: Joe Kristan | February 22, 2004 1:00 PM