TAX NEWS from @PunchbowlNews Midday: The tax deal being hammered out by House & Senate negotiators is expected to land in the $50-$80 billion range, according to sources close to the talks More details w/ @JakeSherman @heatherscope @BrendanPedersen Article link: https://t.co/B91OGVKPr3 Some details here of potential bipartisan tax deal, per an office briefed today on where the deal stands -- $35B each for CTC and 3 business tax benefits. That $70B could be largely covered by ending employee retention tax credit claims early On biz side, deal would include R&D, interest expensing, bonus depreciation. Full, upfront R&D deductions would be ONLY for domestic spending On CTC, deal could phase in benefits faster for multi-child families w/ lower income, gradually raise cap on how much is refundable, allow prior-year income for calculating benefits Plus, max value of credit - now $2K - would be indexed to inflation starting in 2025 https://x.com/lauraeweiss16/status/1745201278727143722 Is it just me or did this come out of nowhere?!?? I’ll take it though!
I have a suspicion that the radical right has tried to stretch way too far and broke off a chunk of their legislative base and the more moderates have realized they have to get things done rather than playing the extremist game. If this is the case I would have to start changing my view of Biden and the middle. I do not expect everything from the Bernie agenda to come true, but if the middle starts to congeal while cutting off the extremist sides rather than Biden shifting more to the right, I still will not like Biden ethically, but things could get better. I still think he pissed away a lot and waited too long on many things, but if in the next year up until the elections he can work with the house to get some bipartisan bills passed because the present speaker is going to compromise and get things done for the sake of the country I could settle. It is not like there was ever a good candidate anyway. Maybe he will cut some Isreal funding and get the more moderate repugs in line for some taxes revenue on corporations while shoring up some immigrants to give them a compromise to go home with. There is a lot going on this year, and if hew can take advantage of the repug split then that is a destruction of the preventative monolith that has been fucking the legislature for a long time. Let us get back on improving things rather than letting everything be no because the extremes.
https://www.cbpp.org/research/federal-tax/child-tax-credit-proposal-impacts-by-the-numbers Text released. Wyden thinks it can move as fast Jan 29 in the Senate. House will be slower if at all as House Rs don’t want to give Biden any kind of win (even/especially a bi-partisan one) in an election year.
Well this is interesting. It passed out of Ways and Means 40-3 yesterday: https://www.nbcnews.com/politics/co...ee-big-bipartisan-vote-heading-hou-rcna134719
