More than 100 trade associations today voiced their opposition to proposed legislation which would weaken the Section 199A pass-through deduction.
The provision is an essential part of the Tax Code, and helps individually- and family-owned Main Street businesses remain competitive in an era of economic consolidation and concentration. Section 199A has also proven critical in enabling those businesses which were hardest hit during the pandemic to survive.
As the letter released today makes clear, rolling back or otherwise limiting the deduction would have a severely detrimental effect on the 95 percent of American businesses organized as pass-throughs.
Below is the comprehensive …