EMA Joins Coalition in Letter of Support for 199A
This week EMA joined other associations in a letter of opposition of any reduction of the 20-percent deduction for qualified business income under Section 199A of the Tax Code, including phasing out the deduction above certain income thresholds.
The letter to the Majority and Ranking members of the Senate and House tax committees outlines that without the 199A deduction, that individually- and family-owned Main Street businesses would pay significantly higher taxes, putting them at a competitive disadvantage and accelerating the economic consolidation taking place in our economy.
EMA opposes proposals to limit or repeal the deduction because it would hurt Main Street businesses and result in fewer jobs, lower wages, and less economic growth in thousands of communities across the country. Such changes would amount to a direct tax hike on America’s Main Street employers, a key reason why the tax plan released by the White House in March left the deduction fully intact.