Provision Benefits Millions of Taxpayers, Not Just a Privileged Few
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Dear Editor,
There has been a lot of ads on TV recently suggesting that Senator Ron Johnson was responsible for passage of a “tax loophole” that only benefitted himself and the wealthy. Nothing could be further from the truth!
Senator Johnson championed the passage of Sec.199a to the Internal Revenue Code. Sec.199a provides a Qualified Business Income Deduction (QBID) of up to 20% of qualified business or farm income for individuals only. It does not apply to C Corporations. This provision benefits millions of taxpayers, large and small, not just a privileged few.
Sincerely,
Harvey W. Kubly, CPA
Monticello
