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A new 20 percent tax deduction for every small business with fewer than 500 employees would provide a jolt to the economy while lawmakers work on fundamental tax reform, House Republicans say. The Small Business Tax Cut Act would limit the value of the deduction to 50 percent of wages, which lobbyists say is a way to limit its reach to partnerships. Still, according to U.S. Census figures, the tax deduction would benefit 99.7 percent of the 27.3 million businesses in the United States. “Comprehensive tax reform is where the action is, but in the interim, this is a very important first step,” says House Republican Chief Deputy Whip Roskam.
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