Until last week, Senate Democratic leadership and House Republican leadership were ready to make a bad tax package deal , which would have m...
Until last week, Senate Democratic leadership and House Republican leadership were ready to make a bad tax package deal, which would have made a number of corporate tax breaks enacted during the recession permanent, while rolling back eligibility for tax credits that help the lower- and middle-income families. Because of that imbalance, the White House issued a veto threat of the plan, and that appears to have killed the deal.
Now House leadership is reportedly planning a simple tax credit extension bill this week to take care of expiring credits, but only through the end of this year.
The move reflects Republicans’ calculation that a $400 billion-plus bipartisan proposal that collapsed last week probably can’t be resurrected. That tentative agreement would have made permanent some major business tax breaks, including the research and development tax credit and expanded capital write-offs for small businesses.
Instead, the House’s move toward a temporary patch that would expire on Dec. 31 shows lawmakers’ desire to wrap up the congressional session as quickly as possible and minimize disruption to the beginning of the tax-filing season in January. All or almost all the breaks would be extended, the aides said. […]
The Senate Finance Committee approved a bill earlier this year that would extend the lapsed tax breaks through 2015. Such a two-year bill couldn’t win enough support in the House, one of the aides said, because Republicans who oppose some of the provisions would accept them to prevent filing season delays but are unwilling to extend them into 2015. The extensions they oppose? Of course, they're the Earned Income and Child Care tax credits, because they say they have "high error and fraud rates." Because, you know, corporations never cheat on their taxes.
The deal is dead for now, but it's only a fight deferred for these extensions to live on in upcoming years.
Originally posted to Joan McCarter also republished by Daily Kos.
Now House leadership is reportedly planning a simple tax credit extension bill this week to take care of expiring credits, but only through the end of this year.
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| Bad tax deal averted, House will vote on simple tax credit extension |
Instead, the House’s move toward a temporary patch that would expire on Dec. 31 shows lawmakers’ desire to wrap up the congressional session as quickly as possible and minimize disruption to the beginning of the tax-filing season in January. All or almost all the breaks would be extended, the aides said. […]
The Senate Finance Committee approved a bill earlier this year that would extend the lapsed tax breaks through 2015. Such a two-year bill couldn’t win enough support in the House, one of the aides said, because Republicans who oppose some of the provisions would accept them to prevent filing season delays but are unwilling to extend them into 2015. The extensions they oppose? Of course, they're the Earned Income and Child Care tax credits, because they say they have "high error and fraud rates." Because, you know, corporations never cheat on their taxes.
The deal is dead for now, but it's only a fight deferred for these extensions to live on in upcoming years.
Originally posted to Joan McCarter also republished by Daily Kos.
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