More than 100 trade associations, including Associated Builders and Contractors, joined forces to oppose potential legislation from Sen. Ron Wyden, D-Ore., that would weaken the Section 199A pass-through tax deduction. As chairman of the Senate Finance Committee, Wyden intends to propose changes to the Tax Cuts and Jobs Act, to include phasing out the deduction for Americans making over $400,000 in annual business income and removing the perk entirely for those making over $500,000.
Objections to the bill include that the current provision is an essential part of the tax code, and that it helps individually and family-owned businesses remain competitive during present-day economic turmoil.
