Richard Cowan
WASHINGTON (Reuters) – Republicans in the U.S. House of Representatives on Friday unveiled a raft of new tax cuts for businesses and households while proposing to overturn Joe Some of the president’s proposals for Biden’s legislative victory include credits to stimulate sales of clean-burning electric vehicles.
Three related bills were introduced on Friday with the goal of passing legislation through the House Ways and Means Committee next week. At that time, the Joint Committee on Taxation is also expected to publish its analysis of the package.
White House spokeswoman Karin Jean-Pierre called the proposals a “tax scam” and claimed that “their priority (the Republicans) is not to reduce the deficit or outcompete the world, they The top priority is handing out to wealthy special interests and corporations at the expense of everyone else.”
Democrats are already concerned about whether tax legislation could add to ballooning federal debt.
“These policies will provide relief to working families, strengthen small businesses, increase job opportunities, and protect American innovation and competitiveness,” Ways and Means Committee Chairman Jason Smith said in a statement middle.
The committee said it included provisions worth hundreds of billions of dollars. Some are expanding tax breaks, while others eliminate or eliminate existing tax breaks, such as Biden’s EV credit. Cut the 2025 when provisions of the 2025 tax code expire”. Has little influence with the family and secretly provides help to Big Oil.
Republicans who control the House of Representatives introduced the proposals days after Democrat Joe Biden signed into law as they sought to tackle rapidly growing debt by cutting some $1.3 trillion in spending Question.
The law combined with the urgent need for US borrowing authorization by suspending the debt ceiling through January 1st 2025.
Under the proposed legislation, married couples filing jointly would receive a $4, 107 “deduction bonus” for two years, which the committee says could help with up to Millions of households use standard deduction.
Legislation would also significantly increase the ways businesses can claim depreciation deductions, raising the threshold from permanent to $2.5 million 2017 $1 million in the tax cut package.
Other provisions include extending small start-up tax breaks to “S corporations” while eliminating the small business Some “red tape” related to contract workers.
Democrats on the fundraising group are expected to introduce amendments to the bill, including a permanent expansion of the child tax credit The expired portion of the waiver that lifted nearly 4 million children out of poverty in just one year during the coronavirus pandemic. Republicans oppose the measure.
Any House proposal Both bills are likely to face strong opposition in the Democratic-controlled Senate.
