Rep. Greg Steube Holds Main Street Employers Coalition Roundtable to Discuss Preserving President Trump’s Pro-Small Business Tax Policies
SARASOTA – Rep. Greg Steube (R-Fla.), Vice Chair of the U.S. House Ways and Means Committee’s Main Street Tax Team, joined members of Southwest Florida’s local business community, the Wine & Spirits Wholesalers of America (WSWA), the National Roofing Contractors Association (NRCA), and the International Council of Shopping Centers (ICSC) on Thursday in Sarasota to discuss the value of President Trump’s pro-small business tax policies and the need for Section 199A permanency.
“President Biden’s intent to raise taxes on the American people doesn’t sit well with Sarasota’s business community. If Biden is successful, the small business federal income tax will go from 21% to 43%, an increase that will force small businesses to make tough decisions like laying off workers or increasing prices on consumers,” said Rep. Steube. “My discussion with business leaders demonstrated how successful the Trump tax cuts have been for American business owners and how important Section 199A is to their daily operations. As Vice Chair of the Ways and Means Main Street Tax Team, I’m taking their feedback to DC in our fight to preserve the Trump tax cuts.”
President Biden has publicly stated he intends to sunset the Trump tax cuts, which will lead to the largest tax hike on workers, families, farmers, and small businesses in U.S. History. President Biden has proposed more than $7 trillion in new taxes on the American people as part of his FY25 budget.
Section 199A of the Internal Revenue Code, which is slated to expire in 2025, was adopted as part of President Trump’s landmark 2017 Tax Cuts and Jobs Act. It allows for a 20 percent deduction of qualified income for pass-through businesses. Most small business are structured as a pass-through and this section was included in the Tax Cuts and Jobs Act to promote equity in America’s tax code between small businesses on main street with larger corporations.
On April 24, 2024, the Ways and Means Committee announced the formation of ten Committee Tax Teams, comprised of Ways and Means Republican members, to study key tax provisions from the 2017 Trump tax cuts that are set to expire in 2025 and identify legislative solutions that will protect Americans from President Biden’s multitrillion dollar tax increase.
In addition to serving as Vice Chair of the Main Street Tax Team, Rep. Steube is a member of the Rural America Tax Team.
