To the editor:
Gov. Brownback’s tax plan eliminates state income tax for nonsalary income derived from small businesses: LLCs, Subchapter S and sole proprietorships. Employees will continue to pay taxes while profits going to owners will not be taxed. The effect will be apparent in early 2013 as owners start reducing their estimated Kansas income tax.
At a small business seminar sponsored by Kansas University, I learned that the best way to organize a “mom and pop” business is the Limited Liability Corporation or LLC. Here are some of the “small businesses” that could benefit from the governor’s tax law: Koch Alaska Pipeline Co., LLC; Koch Chemical Technology Group, LLC; Koch Minerals, LLC; Koch Carbon, LLC; Koch Exploration Company, LLC; Koch Fertilizer, LLC; Flint Hills Resources, LLC (a Koch subsidiary); Genesis Co., LLC (a Koch subsidiary); Georgia-Pacific, LLC (purchased by the Kochs in 2005 for $21 billion)
What more can I say?