The Senate Finance Committee held a hearing Wednesday on tax reform and the tax treatment of different business entities such as pass-through S corporations and C corporations.

“Today, 95 percent of all U.S. businesses are structured as so-called pass-through entities—which are partnerships, limited liability firms, sole proprietorships and S corporations,” said Senate Finance Committee Chairman Max Baucus, D-Mont., in his opening statement. “Originally used primarily by small businesses, recent changes in the law have made it easier for medium and large businesses to be taxed as pass-throughs and still retain the benefits of limited liability.”

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