House GOP clears $287 Billion Tax Break for Business, but will it clear the Senate?
House GOP tax writers pushed through a $287 billion tax break for business write-offs on Thursday, beating back Democratic protests that the extension was both fiscally reckless and pointless.
The House Ways and Means Committee cleared a permanent extension of the tax break, known as bonus depreciation, along with five other provisions related to charitable giving.
Ways and Means Committee Chairman Dave Camp (R-Mich.) said the measure’s built on his approach of extending important tax preferences for the long term, and would give an “incremental” boost to his broader goal of tax reform.
Democrats on the Ways and Means panel predicted Thursday that the Senate would have no interest in the House’s permanent extensions and said the proposals illustrated how little traction Camp’s tax reform draft from February has received.
“We’re going through the motions here,” said Rep. Sandy Levin (Mich.), the committee’s top Democrat.
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