Senate Democrats’ legislation would continue an existing limit on how pass-through businesses can use losses to reduce their tax bills.
Setting Boundaries in Your Daily Life Can Protect You From ‘Harmful Experiences': Here Are 3 Tips to Get You StartedRepublicans originally enacted the pass-through limitation in the 2017 tax law known as the Tax Cuts and Jobs Act.
The provisions hurt"rich guys" who were using business losses to take tax write-offs against bonuses, salaries and investment income, for example, said Rosenthal. "It's a really big deal for uber-wealthy people with a ton of real estate, and then the occasional business that loses a ton of money every year," said Levine, who is also chief planning officer at Buckingham Wealth Partners.
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