Sen. Baucus drops proposal to close payroll tax loophole

07/29/2010 | Wall Street Journal, The

Sen. Max Baucus, D-Mont., dropped a proposal that would have increased payroll taxes for some small businesses that operate as S corporations. Baucus removed the controversial provision from a bill to extend some expired tax cuts, but the senator hopes to add it to the pending small-business bill, according to an e-mail from Senate Finance Committee staff members.

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