- July 21, 2021
- Posted by: Stratford Team
- Category: Business
Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing for Deputy Treasury Secretary nominee Adewale Adeyemo on Feb. 23, 2021.
Greg Nash | Pool | Reuters
Senate Finance Committee Chairman Ron Wyden, D-Ore., on Tuesday released a bill to overhaul a controversial deduction for certain businesses, which was part of Republicans 2017 sweeping tax legislation.
Currently, the so-called qualified business income deduction, also known as 199A, allows certain businesses, such as sole proprietors, partnerships and S-corporations, to write off up to 20% of eligible revenue.
The bill would phase out the tax break for households making more than $400,000 per year, sticking with President Joe Biden’s campaign pledge, Wyden told reporters on a call.
At the same time, the proposal also expands eligibility for the write-off by removing “extraordinarily arbitrary restrictions” on which industries qualify, he said.
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