07.21.21
Senate Bill Would Expand Pass-Through Tax Deduction to Advisors
by: Mark Schoeff
U.S. Sen. Ron Wyden (D-Ore.) has written and introduced a bill that would make brokerages and investment advisory companies eligible for small-business tax breaks under the 2017 tax reform law. However, that benefit would be limited to people earning less than $400,000. The goal of the Small Business Tax Fairness Act is to expand the number of businesses that are set up as pass-throughs that qualify for a 20 percent tax deduction. Wyden's bill would remove restrictions under the 2017 tax reform law that made certain businesses like financial services, accounting, and law firms ineligible for the tax break.
Read the full article on InvestmentNews.