Regulatory Outlook | 07.21.21
Senate Bill Would Expand Pass-Through Tax Deduction to Advisors
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.
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