Cheney to Edwards, last night:

"While you were in private practice in law and as a senator, you had the advantage of a special tax loophole, Subchapter S corporation, which you set up so you could avoid paying $600,000 in Medicare taxes that would have gone into the fund."

Bush, on the campaign trail:

"[Kerry] also doesn't understand when he says, tax the so-called, "rich," he's raising the taxes on the small business owners of America. My opponent's plan would raise taxes on over 900,000 small business owners, the subchapter-S corporations, the sole proprietorships, people just like you. Small businesses are the engine of job creation in our country. Small businesses create seven out of every 10 new jobs. It makes no sense to tax the job creators as our economy is getting stronger. (Applause.) We should not punish free enterprise. We ought to encourage free enterprise in America." (Applause.)

Bush: Raising taxes on Subchapter S corporations is wrong!

Cheney: Subchapter S corporations are a sneaky way of evading taxes!

We report, you decide. :D

BTW, talking about the importance of not raising taxes on Subchapter S corporations isn't just a one-time deal on Bush's part; he's spoken about this over and over and over again.  

Feel free to search whitehouse.gov for "Subchapter S" and see what you find.  Arrange by date, so his speeches from the campaign trail this summer and fall are at the top.

Originally posted to RT on Wed Oct 06, 2004 at 06:19 AM PDT.

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