Business

GOP tax bill would end deduction for wildfire and earthquake victims — but not recent hurricane victims

The House Republican tax bill would eliminate the deduction for personal losses from wildfires, earthquakes and other natural disasters, but keep the break for victims of the recent severe hurricanes.

The typical small business, whether it’s a sole proprietorship, partnership or limited liability company, doesn’t pay taxes itself, but its owners do as individuals.

The House Republican plan to cut taxes for small businesses has a big problem: Most apparently won’t benefit from it.

All Sources: Los Angeles Times Los Angeles Times

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