The arena of tax policy rarely excites people, but here’s a case in which the expiration of a single provision, something called the 199A deduction, would be felt not only on the shop floor, but at every kitchen table in America.
Unless Congress acts to save it, we are about to sunset a tax policy that has helped to stimulate nine-out-of-ten American businesses and has supported millions of jobs.
The 199A provision was part of the Tax Cuts and Jobs Act of 2017. It has allowed pass-through businesses to employ a 20 percent tax write-off. The 199A provision has tremendously helped “S” Corporations, partnerships, and LLCs that provide the largest number of jobs in the United States.
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