QUICK SUMMARY
WR joined a coalition of business organizations urging Congress to preserve the B-SALT deduction, warning that its elimination would increase taxes on businesses by over $600 billion in the next decade. The deduction, vital for deducting state and local taxes, supports economic growth and job creation. The coalition emphasizes that removing it would counteract gains made since the 2017 Tax Cuts and Jobs Act.
WR has joined a coalition of business organizations urging Congress to preserve the B-SALT deduction, which allows businesses to deduct mandatory state and local taxes. The coalition's letter warns that proposed changes could lead to over $600 billion in additional taxes for businesses over the next decade. This deduction plays a crucial role in supporting economic growth, job creation, and wage increases across the country. The group emphasizes that removing the deduction would undermine the benefits gained from the 2017 Tax Cuts and Jobs Act. WR and its partners assert the importance of maintaining this deduction to avoid reversing key progress made toward a more competitive business environment. The coalition's concerns highlight the potential negative impact on various business entities, including corporations and property owners. By advocating for the preservation of the B-SALT deduction, they aim to protect the financial interests of businesses nationwide. Lawmakers are urged to recognize the importance of this deduction in fostering a robust economy.