• What the End of This Tax Break Means for Entrepreneurs

  • Jul 16 2024
  • Length: 2 mins
  • Podcast

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What the End of This Tax Break Means for Entrepreneurs

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  • Summary

  • Tax breaks worth trillions of dollars, including the qualified business income (QBI) deduction, are set to expire after 2025 unless Congress acts. This deduction allows self-employed individuals and business owners to deduct up to 20% of eligible revenue. Enacted in 2017, the QBI deduction aims to align pass-through business tax rates with corporate tax rates. Approximately 25.9 million QBI claims were filed in 2021, up from 18.7 million in 2018. The cost of extending the QBI deduction is estimated at over $700 billion over ten years and faces scrutiny amid budget debates. Critics argue it predominantly benefits wealthy taxpayers, although IRS data indicates middle-income taxpayers also benefit. The expiration debate includes contrasting views from business advocates, policymakers, and experts, with President Joe Biden pledging to extend the tax breaks for those earning less than $400,000.

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