Main Street Backs 199A Expansion
With the reconciliation bill process reaching its final stages,120 trade associations today called on the Senate to incorporate a key part of the House-passed bill: an expansion of the 199A deduction from 20 to 23 percent. As the letter states:
Expanding Section 199A will help preserve tax parity between pass-through businesses and larger public corporations while helping ensure the Senate bill does not raise taxes on millions of Main Street businesses.
The Section 199A deduction plays a vital role in preserving competitive neutrality in the Tax Code. The 2017 Tax Cuts and Jobs Act reduced the corporate tax rate from 35 …
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