The 2017 Tax Cuts and Jobs Act was a monumental piece of legislation for businesses that has saved them an impressive amount of money over the last eight years. Under this act, the corporate income tax rate was permanently lowered by 14 percent. A 20% deduction for qualified business income (QBI) was also set into place in the Internal Revenue Code to help businesses that weren’t classified as C corporations. However, with its expiration date at the end of this year, we face the threat of the largest tax increase in American history, unless legislators take action.
By the numbers: The U.S. Chamber has released a QBI Tax Increase Calculator that allows businesses to see the tax cost they would face if the act is allowed to expire at the end of this year. Your Wyoming Chamber of Commerce is a strong advocate of the Tax Cuts and Jobs Act, and we will continue to work to keep them in play and save our business community some serious money.
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