U.S. Senate Finance Committee Chair Ron Wyden (D-OR) has issued a release announcing the introduction of the draft Small Business Tax Fairness Act on 20 July 2021, which would expand eligibility for the 20% deduction for pass-through entity business income and simplify the deduction determination.
---
Small Business Tax Fairness Act
Republican's 2017 tax law included a 20 percent deduction for certain income from pass-through businesses, which significantly lowered the marginal income t…