President Obama said today he is elevating the Small Business Administration to a Cabinet-level agen

[Lint Head]

3. This will do nothing until it is illegal for major corporations and conglomerates

to use 'S' corporations to avoid paying taxes. That is a loophole that needs to be slammed shut for corporations that employee thousands and makes millions inflating prices then pays virtually no taxes. It is a subject that is hardly ever mentioned in the news.

An S corporation, for United States federal income tax purposes, is a corporation that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code.

In general, S corporations do not pay any federal income taxes. Instead, the corporation's income or losses are divided among and passed through to its shareholders. The shareholders must then report the income or loss on their own individual income tax returns.