Oppose the Small Business Tax Fairness Act

Senator Wyden’s Small Business Tax Fairness Act is anything but fair to small businesses as it will impose a tax hike by limiting the Small Business Deductions. This tax hike would hurt small businesses’ ability to reinvest money back into new jobs, higher wages, and business growth at a time when small businesses are just beginning to recover from shutdowns and restrictions. Specifically, GCCA is concerned about the limitations it places on the Section 199A tax deduction, which allows pass-through businesses to take a deduction of up to 20 percent for qualified business income. This deduction allows you to invest more in employee compensation, new hires, capital, or other avenues for business growth.