The Tax Cuts and Jobs Act: Implications for Small Businesses
Small Business for America’s Future routinely conducts research to understand the needs of small business owners and inform our policy advocacy. Read our latest report.
The Tax Cuts and Jobs Act: Implications for Small Businesses
The Tax Cuts and Jobs Act includes two key changes that will affect small businesses: (1) the
introduction of the 20 percent deduction on qualified business income and (2) the move toward a
territorial system of taxation through the global intangible low-taxed income (GILTI), in which
the profits of a foreign subsidiary of a U.S. company that meets certain conditions will not be
subject to U.S. taxes.¹
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