Chye-Ching Huang

Sep 25, 2024 | brookings.edu | Miles Johnson |Sophia Yan |Chye-Ching Huang |Grace Henley

Partnership tax reform should be a key part of the current and upcoming tax policy debate, with large parts of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025. Partnerships represent almost 30 percent of all business income in the United States, now outnumbering C corporations. For federal tax purposes, partners are taxed directly on their share of the partnership’s income and activities.