Does obama support increasing taxes on S corporations?

This is a double sided question. The direct answer is that Obama will not raise taxes on S-Corporations. S-Corporations rarely pay taxes. Their profits flow through a schedule K-1 to the owners individual income tax return.

If Obama raises personal income taxes, which he probably will, then yes you will pay more.

The biggest issue with Obama and S-Corporations is the fact that Obama wants the profits from an S-Corporation to be subject to Social security Taxes. Under present law, an owner of an S-Corporation can take distributions of profits and not pay social security taxes. The only tax you pay on S-Corp profits is federal income taxes. If he does pass this change then owners of S-Corps will pay upwards of 15.3% of their profits for Social Security Taxes. Thus eliminating the need to form an S-Corp.