President Joe Biden’s proposal to fund his families plan maintains a tax deduction for some businesses despite promising to remove it during his presidential campaign, CNBC reported.
Biden’s families plan, which provides universal free pre-K and community college and implements national paid family leave, won’t nix a business tax deduction included in the 2017 Tax Cuts and Jobs Act (TCJA), CNBC reported. The provision allows owners of pass-through entities, which are often small businesses, to deduct 20% of their share of the business’ income from their tax filing.
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