By Chris Smith
“The Parity for Main Street Employers Coalition welcomes Treasury’s guidance applying the new 20% tax deduction to thousands of U.S. businesses organized as pass-throughs—the S-corps, sole proprietorships, and partnerships that comprise 95% of all businesses and who employ the majority of American workers.
“Importantly, the proposed rules permit many business owners to aggregate–or group–their business units for purposes of the deduction. Applying the deduction broadly helps put Main Street businesses on a more level playing field with public companies traded on Wall Street.
“This is only the start of the process, and we look forward to reviewing the specifics of the proposed rule in greater detail to ensure that the final rules apply the deduction as broadly as possible, while minimizing compliance burdens. And it is essential for Congress to make the deduction permanent.”