One of President Trump’s campaign promises included the extension of his 2017 tax cuts, which had broad implications for rural America.
The House Ways and Means Committee recently discussed the numerous tax deductions that are set to expire by the end of this year, including the 199A Qualified Business Income Deduction. It allows taxpayers outside of corporations to deduct 20% of incomes earned in a qualified trade of business.
Congressman Don Beyer of Virginia, a family business owner himself, said that under the tax cut the country saw significant small business growth.
According to Beyer, “What we have now is a significantly undertaxed, very wealthy class, the 10% and up, and not a lower class that’s overtaxed, but rather a lower class that’s not given the job opportunities that they need to make things work. And if we as a combined, Democrats and Republicans together can address the fact that people with $20 million, $50 million, a billion dollars, they don’t live a better life incrementally than someone who has $21 million versus $20 million. This whole notion that it’s all about money rather than about family and community and making America strong again and we screwed up our tax policy so bad, because those taxes not to be used for transfer payments but for making our economy stronger and our companies stronger.”
The Qualified Business Income Deduction was introduced during President Trump’s first administration. Its extension has bipartisan support.
