- July 21, 2021
- Posted by: Stratford Team
- Category: Business
Americans for Tax Reform President Grover Norquist provides insight into taxes and expanding the IRS under the Biden administration.
Oregon Democrat Sen. Ron Wyden on Tuesday introduced a bill that would phase out the qualified business income deduction – implemented as part of the 2017 Tax Cuts and Jobs Act – for wealthier business owners.
The measure, called the Small Business Fairness Tax Act, would also expand eligibility for middle and lower-class small business owners by removing “arbitrary” restrictions on the types of industries that qualify.
The deduction currently allows certain pass-through businesses, engaged in a qualified trade or business, to deduct up to 20 percent of their business income from their income taxes.
Wyden, who chairs the Senate Finance Committee, proposed phasing out the deduction for households earning at least $400,000 per year, which is in line with President Biden’s pledge not to raise taxes on any…