By Robert Pembroke
In 2004, Congress passed a bill that allowed companies to bring overseas assets back home if they paid a tax of only 5 percent and during the next three years, 15 of the companies that repatriated assets raised the salaries of their senior executives, cut 20,000 jobs, decreased investment in research and expanded dividends and stock buybacks, according to The Wall Street Journal.
From the limited knowledge that I have on what the Republicans are trying to do with taxes, I am very disappointed. First, I do not believe they are doing enough to cut the taxes of the middle class and, second, I am really concerned that they are not treating small business fairly in their new tax proposals. And now I see that Sen. Ron Johnson, R-Wisc., agrees with me that small businesses are getting a raw deal.
Sen. Johnson has declared that he will not vote for the Senate version of tax reform as it stands now. And he further states that the Senate members who are writing the plan are misleading the public about the nature of the tax overhaul because they are prioritizing big business over “pass-through” entities such as sole proprietorships, partnerships, limited liability companies and Sub-chapter S corporations. Our company was an S corporation.