For Tax Day, Parity for Main Street Employers Executive Director Chris Smith’s has an opinion piece in The Hill addressing recent calls for tax increases and highlighting the introduction of The Main Street Tax Certainty Act of 2019 to make the 20 percent pass through deduction permanent. As the piece argues:
“Tax reform is just over a year old, yet already there are calls to discard it and raise taxes on incomes, estates, capital gains, accumulated wealth, and even financial transactions. It is a veritable tax hike bidding war that overlooks the harm these policies would impose on jobs and wages. The tax code should encourage hard work and success rather than punish it.
“That is why more than a hundred business groups are joining together this week in support of the Main Street Tax Certainty Act of 2019. Sponsored by Representatives Jason Smith and Henry Cuellar, along with Senator Steve Daines, this critical bipartisan legislation would make permanent the 20 percent pass through deduction enacted as part of tax reform…
“Main Street deserves a tax cut instead of a tax hike. The 20 percent pass through deduction is essential to provide tax parity for these employers. By making the deduction permanent, tax reform can fulfill its promise to encourage all employers to succeed in the long term. That is good for all businesses, and it is good for the people in the communities they serve.”
You can read the full piece here.