Close Look at Pass-Through Tax Break Business Loves (Podcast)

Few of the provisions of the tax code this year have garnered as much attention from industry as the about-to-sunset pass-through deduction.

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In their 2017 tax overhaul, Republicans allowed owners of pass-through businesses such as partnerships, S-corporations, and LLCs to deduct 20% of certain business income from their taxes. Businesses and their lobbyists say it gives those firms small and large parity with traditional corporations. Critics say its benefits largely flow to the wealthy.

That deduction—along with the rest ...