(Bloomberg) — The latest plan in Congress to cut business tax rates faces a major obstacle: U.S. businesses.
Many Democrats and Republicans, including new House Ways and Means Committee Chairman Paul Ryan, agree that they will try to reduce the 35 percent corporate tax rate and curb business tax breaks to help pay for it. They'll leave individual rates alone to avoid a politically charged fight.
The complication is that millions of businesses — from the largest hedge funds to neighborhood restaurants — don't pay taxes through the corporate system. Instead, income and tax breaks appear on the individual returns of those businesses' owners, in effect intertwining the corporate and individual parts of the tax code.
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