Oppose the Nancy Pelosi Tax Hike
There are a number of mysteries embedded in the House reconciliation bill, but number one among those is why the House is taking tax advice from former Speaker Nancy Pelosi.
Buried in the House bill is a provision championed by the former Speaker to treat the active losses of a pass-through worse than any other type of loss. The provision targets family businesses and would effectively preclude many of them from ever realizing these losses. Here’s why the Senate should reject this ill-advised provision.
Background: Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers with active business losses could use …
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