The owners of these firms (pass-through entities such as partnerships, S corporations, and limited liability companies) pay tax at the individual rate, not the corporate rate.

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Presented by Senators Joseph Lieberman and Orrin Hatch, it will offer tax incentives, protection of patents and limited liability for any firm working on bio, chemical or radiological counter-measures.

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It was justified as a tax on the ability of stockholders to enjoy limited liability.

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The most important change is that the much lower individual income tax rates after tax reform, from a top rate of 70% when Reagan entered office to 28% after the reform, caused billions in business income to switch from corporate tax returns to individual tax returns as subchapter S corporations, partnerships, LLCs (limited liability partnerships), and proprietorships.

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The company, which is based for tax purposes in Zug, Switzerland but also incorporated in Delaware, has maintained its liability is limited under a federal oil-spill law as well as an indemnification from BP.

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