Wyden Urges Closer Look at Passthrough Businesses During Tax Debate

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Small businesses are a big question for lawmakers seeking to overhaul the U.S. tax code—and not getting enough attention for Senate Finance Committee Chairman Wyden. Wyden says that passthrough businesses, which aren't taxed through the corporate side of the Internal Revenue Code, need more consideration as Congress weighs sweeping tax changes. Yet lawmakers remain divided over how best to address their concerns. Lobbyists and business advocates tell Bloomberg BNA they don't yet see an approach to passthrough entities that has the momentum to pass Congress. Ideas range from integrating the corporate and individual sides of the tax code to carving out specific treatment for businesses so their income won't be subject to higher individual tax rates.

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