Senators Marshall, Daines Introduce the Main Street Tax Certainty Act

Washington, D.C. – U.S. Senators Roger Marshall, M.D., Steve Daines (R-MT), Majority Leader John Thune (R-SD) and 32 Republican Senators introduced the Main Street Tax Certainty Act to make the 20 percent pass-through business deduction permanent.

“Supporting small business was one of the hallmarks of President Trump’s Tax Cuts and Jobs Act,” said Senator Marshall. “The small business pass-through deduction helps small business owners keep more of their hard-earned money, allowing them to reinvest in Main Street businesses that keep our economy running. The Main Street Tax Certainty Act will ensure that more than 200,000 Kansas small businesses do not get hit with a tax hike next year.”

Senators John Barrasso (R-WY), Shelley Moore Capito (R-WV), James Lankford (R-OK), Joni Ernst (R-IA), Tom Cotton (R-AR), Tim Scott (R-SC), Chuck Grassley (R-IA), Kevin Cramer (R-ND), Jerry Moran (R-KS), Marsha Blackburn (R-TN), Mike Rounds (R-SD), Pete Ricketts (R-NE), Katie Britt (R-AL), Jim Risch (R-ID), Eric Schmitt (R-MO), Roger Wicker (R-MS), Cynthia Lummis (R-WY), Cindy Hyde-Smith (R-MS), Tommy Tuberville (R-AL), Ted Cruz (R-TX), John Hoeven (R-ND), Thom Tillis (R-NC), Jim Justice (R-WV), Tim Sheehy (R-MT), Deb Fischer (R-NE), Bill Cassidy (R-LA), Ted Budd (R-NC), Rick Scott (R-FL), Bill Hagerty (R-TN), Todd Young (R-IN), John Kennedy (R-LA) and Jim Banks (R-IN) joined Marshall, Daines, and Thune in introducing the legislation.

Read the bill HERE.

BACKGROUND

The 20 percent small business deduction, section 199A, was created as a part of President Trump’s 2017 tax cuts to level the playing field between small businesses and large corporations. Without Congressional action, 9 out of 10 small businesses will be hit with a massive tax hike when this deduction is set to expire at the end of 2025.Recently, a new study from Ernst and Young (EY) highlighted the economic activity supported by this small and family-owned business tax deduction, including 2.6 million jobs and $325 billion of the GDP.