Senate Finance Committee Chairman Ron Wyden (D-Ore.) released a bill, the Small Business Tax Fairness Act, that would make changes to the 20 percent deduction that is available under Section 199A for partnerships, LLCs, and other entities taxed only at the individual owner level that was created by the 2017 Tax Cuts and Jobs Act (TCJA).
Sen. Wyden’s proposes to phase-out the deduction for those making $400,000 or more but retain, clarify and potentially expand it for some small businesses.
The TCJA created the 20-percent deduction for income from non-corporate businesses known as pass-throughs, which pay taxes through the individual
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