GOP tax leaders: US small businesses could pay more tax than small businesses do in China if Trump cuts expire
Fox News
Republican members of the chief House committee on taxes said if Trump's tax cuts expire small businesses could begin paying a higher tax rate than small businesses do in communist China.
But, if Trump's Section 199-A deduction expires later this year, small business owners could see their top tax rate more than double to 43.4%, which is roughly 20 points higher than what businesses in communist China face, Ways & Means Chairman Rep. Jason Smith, R-Mo., laid out in a report earlier this month and reiterated during Tuesday's hearing.
"If Congress fails to act … 26 million small businesses will be hit with a 43.4 percent top tax rate, more than 20 points higher than what businesses pay in Communist China," Smith said Tuesday.
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