Treausary Secretary Timothy Geithner proposed yesterday that the ability of some businesses to choose between being taxed as a corporation or pass-through taxation needs to be revisited. It is impossible to predict how this discussion will turn out. I doubt Congress would eliminate S corporations. And if they won't do that, then it seems unlikely LLCs would be singled out for special treatment. But in this political environment, who knows?
See the complete story here: http://www.bloomberg.com/news/2011-02-25/geithner-says-tax-overhaul-must-address-businesses-filing-as-individuals.html.