CONTACT: Ben Voelkel
WASHINGTON – U.S. Sen. Ron Johnson (R-Wis.) today announced his support for the tax bill being debated in the Senate after negotiating improved treatment for pass-through entities. Pass-throughs account for about 95 percent of all U.S. businesses, including many leading job creators in Wisconsin.
“I appreciate the Senate leadership’s willingness to work to close the gap between pass-through businesses and C corporations. There’s a lot of work to be done to reconcile the treatment of pass-throughs in the Senate and House bills, and I am glad to have received assurances I will have a seat at the table during those negotiations.”
Under the agreement, the deduction for pass-through businesses will increase from 17.4 to 23 percent, and steps will be taken to ease the transition for pass-through businesses that elect to transition to C corp status.