State and Local Tax (SALT) partner Bruce Ely was quoted in Bloomberg BNA Daily Tax Report regarding the fact that corporate income tax receipts have failed to recover from pre-2008 levels can be attributed to the rise of passthrough entities.
"The most recent IRS statistics indicated that subchapter K entities earn more income and file far more returns than C corporations," said Ely. "Accordingly, although corporate income tax receipts have lagged since 2008, personal income tax receipts have grown as a result of businesses opting for passthrough treatment."
Read the complete Bloomberg BNA Daily Tax Report article, "Passthrough Entities Slow Corp. Income Receipts: Panelists," which first appeared in December 28, 2015. (Login Required)