White House eyes tax loophole to fund student-loan rate extension

04/24/2012 | Chicago Tribune (tiered subscription model) · USA Today

Closing a small-business tax loophole could help meet the $6 billion cost of a one-year extension of low federal student loan rates, the White House said. Interest rates are set to double July 1 to 6.8% unless Congress approves an extension. The loophole lets some "S corporation" shareholder-employees avoid the Medicare payroll tax on earnings.

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Chicago Tribune (tiered subscription model) · USA Today

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