Few of the provisions of the tax code this year have garnered as much attention from industry as the about-to-sunset pass-through deduction.
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In their 2017 tax overhaul, Republicans allowed owners of pass-through businesses such as partnerships, S-corporations, and LLCs to deduct 20% of certain business income from their taxes. Businesses and their lobbyists say it gives those firms small and large parity with traditional corporations. Critics say its benefits largely flow to the wealthy.
That deduction—along with the rest of the individual provisions of that 2017 law known as the Tax Cuts and Jobs Act—expires at the end of 2025 absent congressional action and President Donald Trump’s signature.
On this episode of Talking Tax, Bloomberg Tax reporter Zach Cohen spoke with two guests…
