(AbsoluteNews.com) – During the 2020 presidential campaign, then-candidate Joe Biden made it clear he wanted to repeal Donald Trump’s 2017 tax law. He said he wanted to raise taxes on wealthy Americans to pay for his liberal wishlist. Now, we’re seeing the first move against the law.
On July 20, Senate Finance Committee Chairman Ron Wyden (D-OR) introduced a bill to amend the qualified business income deduction, known as 199A. The rule allows sole-proprietors, S-corporations and partnerships to write off up to 20% of their income if they qualify. Wyden has long held that it disproportionately benefits wealthy business owners. The bill would phase out the tax break for those who earn $400,000 or more annually, keeping Biden’s promise to target so-called high earners.
— JackBristerIWTA (@IwtaJack) July 20, 2021
The senator said it’s a great opportunity for lawmakers to “pick up significant revenue while at the same time not raising taxes on Main Street small businesses.” Except he seems to define small businesses by how much they earn, not how many people they employ.
Should a business really lose money because it’s successful? The plan also targets job creators as the country recovers from a pandemic. One would think this is the worst time to raise taxes on anyone, let alone the people employing other Americans.
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