Members of the Main Street Employers Coalition convened in Memphis, Tennessee yesterday for a roundtable event hosted by Congressman David Kustoff. It was the latest of many “Tax Teams” events we’ve held in recent months and is part of Ways & Means Chairman Jason Smith’s plan to solicit input from stakeholders as lawmakers work to avert the 2025 fiscal cliff.
The group in attendance spanned all corners of the Main Street business community, from wine and spirits wholesalers to contractors to restaurant and barbershop owners. As with previous roundtables, participants focused on the Section 199A deduction and the disastrous consequences of allowing it to expire come the end of next year.
Photo credit: Dwayne Carson, WSWA
Attendees shared firsthand accounts on how 199A has enabled them to reinvest in their employees and operations. They also stressed just how critical Main Street businesses like these are to countless communities across the country, and the data backs this up.
Photo credit: Dwayne Carson, WSWA
According to an analysis from EY, companies organized as pass-throughs – which rely on Section 199A – employ over 61 percent of workers in Congressman Kustoff’s 8th congressional district. EY also looked at the negative impacts of allowing Section 199A to expire and found that over 2.6 million jobs are at stake.
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S-Corp and its allies are grateful to Congressman Kustoff for his attention to this critical issue and appreciate his hosting yesterday’s gathering. S-Corp is coordinating several additional roundtables in the coming weeks with a goal of continuing to spread the word about the importance of Section 199A and the need to make it permanent.