Today, the Main Street Employers Coalition issued the following statement in response to the Wyden proposal to limit the 20 percent Main Street business deduction:
“Individually- and family-owned businesses took a big hit during the COVID crisis. The pandemic has taxed them enough — taxing them again while so many are still struggling to recover goes too far. That’s why we oppose Senator Ron Wyden’s proposal to raise taxes on these businesses by limiting the 20% Main Street deduction,” stated Chris Smith, Main Street Employers Coalition Executive Director. “Main Street’s position is clear: Don’t touch 199A.”
“Americans understand that when taxes on businesses go up, they will pay with higher prices, lower wages and fewer jobs. Instead of hiking taxes, we should do everything we can to help businesses get back on their feet, put Americans back to work, and to keep the economy moving in the right direction.”
“Keeping 199A intact and making it permanent, would do just that.”