Global Entrepreneurship Institute

Small businesses are a key driver of the U.S. economy. When small businesses succeed, so does the U.S. More than 99 percent of U.S. businesses are small businesses, and they employ a full 48 percent of the American workforce. In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, giving these entrepreneurs and the rest

IRS issues proposed regulations on new 20 percent deduction for passthrough businesses The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business

Before the Tax Cuts and Jobs Act (TCJA), the U.S. had one of the highest statutory corporate income tax rates in the developed world at 35 percent. Now, the federal corporate income tax rate sits at a much more competitive 21 percent, which brings the combined average state and federal tax rate (25.7 percent) closer to the average for developed