“More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package passed by Congress last month will go to those who earn more than $1 million annually,” the Washington Post reports.
“The provision, inserted into the law by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as ‘pass-through’ entities can deduct in taxes from losses on other business income. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.”
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