Warren Releases New Data from Joint Committee on Taxation Revealing That “Pass Through Deduction” is a Giveaway to Millionaires

JCT Report on 199A (PDF)|JCT Response on Millionaires Claiming 199A (PDF)
Washington, D.C. —U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, released new data from the Joint Committee on Taxation (JCT), a nonpartisan Congressional committee dedicated to analyzing tax legislation, revealing that the majority of the benefit from the 199A tax deduction goes to millionaires.
The 199A tax deduction was created by the 2017Tax Cuts and Jobs Act, with Congressional Republicans claiming it would support small business owners by allowing them to deduct up to 20 percent of their business’s qualified income from their personal income taxes.
JCT’s responses provided a breakdown, by income level, of who claims the 199A deduction, in addition to other key information about who the deduction benefits. Key findings include:
The House version of Trump’s “big, beautiful bill,” now under consideration by the Senate, includes an expansion of the 199A deduction from a 20 percent deduction to a 23 percent deduction.
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