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Washington
Inside Washington (12/08/2010)
* WASHINGTON (12/9/10)--Tax cuts could expire for more than 2,300 Subchapter S corporate banks if President Barack Obama is unable to gain support for his deal to extend Bush-era tax cuts for two years (American Banker Dec. 8). Banks electing Subchapter S status are taxed at the individual income rate level. If the cuts end, tax rates for those banks would increase by more than four percentage points to 39.6%, according to Paul Merski, a senior vice president and chief economist for the Independent Community Bankers of North America. Merski said the sole reason banks elect Subchapter S status is for the tax benefit. He estimated that community banks could save $500 billion in the next decade if tax breaks--including relief on capital gains and dividends--were extended …


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