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"If we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long term," he said. Saying the "pressure is on Congress to produce," the president did not specify what income level his party would deem acceptable as the cutoff for those who would see their tax rates remain at current levels. The president has called for expiration of the "Bush era" tax cuts to affect household earnings over $250,000 since the campaign, but has reportedly floated a $400,000 figure in past negotiations. Speaker John Boehner once offered a $1 million cut off in his failed "Plan B" proposal, which failed to garner enough support among the House Republicans. "It's been very hard for Speaker Boehner and Republican Leader McConnell to accept the fact that taxes on the wealthiest Americans should go up a little bit as part of an overall deficit reduction package," the president said. Domestic programs would lose $55 billion in funding should sequestration pass, including $2 billion to Medicare and unemployment benefits.

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I agree that an LLC rather than other types of entities seems to be the best option for rental properties for most people, although apparently some wealthy people use various types of trust arrangements. I think of it this way: If he is the repairman for example on a railing and the railing fails due to improper installation. Who are they going to sue?The LLC will on doubt be named just because they can. He will also be named. I may as well just have one heck of an insurance policy. A lot of those mechanics operate them as an LLC or corp, so the debt is not in their personal name as well as in case anyone else in the shop makes a mistake as well. There are many possibilities. I am just saying that, it may not be worth the trouble specifically with the S Corp. Elio, in Florida, you are lucky with the tax situation. I'd keep it as an LLC. Even if you loan the money and pay yourself back, you will have to claim the interest as income on your personal 1040, along with the income from the k 1 from the S corp.

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