Top Democrat offers bill to overhaul tax break for business owners

Senate Finance Committee Chairman Ron WydenRonald (Ron) Lee WydenDemocrats seek to tackle climate change with import tax Equilibrium/ Sustainability — The gentler side of Shark Week Biden needs to help end federal cannabis prohibition MORE (D-Ore.) on Tuesday released a bill that would overhaul a deduction for non-corporate business income that was created by Republicans’ 2017 tax law.

The proposal comes after key Senate Democrats last week reached an agreement on a $3.5 trillion budget plan, and it comes as Democrats are discussing how to pay for their spending priorities.

“This bill is a win-win,” Wyden said in a statement. “It’s going to make the policy more fair and less complex for middle-class business owners, while also raising billions for priorities like child care, education, and health care.”  

The GOP tax law created a 20-percent deduction for income from non-corporate businesses known as “pass-throughs,” which pay…

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