FOR IMMEDIATE RELEASE
March 10, 2024
WASHINGTON, DC — The PROTECT Coalition today firmly rejected various advocacy groups calling for alternatives to the original Tax Cuts and Jobs Act (TCJA) of 2017, calling these proposals a direct threat to American jobs and economic growth.
“We know that several groups have been on the Hill pushing for an alternative to the 20 percent deduction by proposing a standard $25,000 write-off for pass-through businesses,” said Rosemary Becchi of the PROTECT Coalition. “This is an unacceptable proposal when you consider the needs of companies across the country that act as major job creators.”
The 199A deduction, a key provision of President Trump’s tax cuts, has been a game-changer for 26 million businesses, allowing them to reinvest, grow, and hire more workers. Attempts to weaken 199A would amount to a tax hike—forcing businesses to endure a 43.4 percent top tax rate.
“The notion that it’s only large, wealthy businesses reaping the benefits of 199A is simply untrue, but the same groups who opposed these measures from the start are now trying to chip away at their success,” Becchi added. “Half-measures will undercut the many benefits of 199A that have been so integral to economic growth in every corner of America.”
The PROTECT Coalition continues to work closely with coalition members to educate and inform constituents about the importance of putting pressure on their representatives to hold the line on this issue. To learn more, visit https://www.protectcoalition.com/.h-quality home care option for seniors, children with special needs, and people recovering from injuries.inability of successful businesses across the nation.
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