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Candidate Biden proposed to phase out the 20% deduction on pass-through net income for taxpayers with incomes of over $400K
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President Biden did not include the proposal in his budget, BUT
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Finance Committee Chairman Wyden, just introduced legislation to reform section 199A in several ways:
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- Phase-out the deduction between $400K and $500K of income
- Eliminate the wage and investment limitations
- Expand qualifying income—eliminating the prohibition on specified services income
- Allow computation on an aggregate basis rather than business-by-business
- Limit the deduction to individual business owners, barring estates and trusts from claiming it
- Preclude publicly traded partnership income from qualifying
- If the proposal helps tax distribution and tables (i.e., showing a shift in the tax burden to high-income individuals), then it will receive serious consideration
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Family Enterprise USA Sponsors
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