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On Tuesday, June 22, 2021, GCCA joined over 100 trade associations in sending a letter to Congressional leadership voicing strong opposition to any reductions or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. Section 199A is an essential part of the Tax Code. Without it, individually- and family-owned businesses would pay significantly higher taxes, putting them at a competitive disadvantage. Proposals to limit or repeal the deduction would hurt businesses and result in fewer jobs, lower wages, and less economic growth in thousands of communities across the country.
GCCA will continue to work with coalition partners to address a variety of tax policies impacting your businesses. GCCA also has active grassroots campaigns opposing tax increases proposed under the American Jobs Plan and opposing the elimination stepped-up basis tax provision. If you have not done so already, please consider taking action by participating in the campaigns and contacting your elected officials.
Take action on opposing tax increases proposed under the American Jobs Plan HERE.
Take action and protect the Stepped-Up Basis tax provision HERE.
Read the full coalition letter HERE.