A 20% tax break for high-income owners of closely held businesses was on President Biden’s chopping block during the campaign. His budget doesn’t touch it.
that were detailed by the Biden administration on Friday.
Administration officials haven’t said why they haven’t proposed curbing the break at this point, and the White House didn’t comment. Treasury officials said Friday that some campaign proposals need more work and others may appear in future plans. The deduction “just seems to be kind of without redeeming qualities and frankly, I was a little surprised that the Biden administration didn’t propose curtailing it,” said William Gale, a senior fellow at the Brookings Institution, a left-leaning Washington think tank.
Kevin Kuhlman, vice president of government relations at the National Federation of Independent Business, said he had been bracing for the deduction to be removed.