Jorge Castro Comments on Political Impact of Rescinding Tax Break for Small Business in Bloomberg Law
"Democrats Wary to Roll Back Trump-Era Business Write-Off"
Tax Member Jorge Castro, former Congressional tax aide and Counselor to the IRS Commissioner during the Obama Administration, commented on President Biden's tax proposals to pay for his infrastructure plan, which avoid rolling back a broad business tax break enacted in the Tax Cuts and Jobs Act of 2017 (TCJA). The White House plan does not include rescinding a temporary write-off of up to 20% for partnerships, LLCs, and other entities taxed only at the individual owner level, because of the potential negative impact on small business. "The political ramifications right now [of eliminating the tax break] would be challenging," Castro said.