In 2017, Republicans muscled their tax cuts through Congress in a way that was widely criticized by Dems and others as too rushed. Now Democrats' rush to pass a slate of tax hikes is giving some Republicans déjà vu.
House Ways and Means Chair Richard Neal listens as his panel meets for a markup hearing. | J. Scott Applewhite/AP PhotoDemocrats’ rush to pass a slate of tax increases is giving some Republicans déjà vu.
And some wonder if the Democrats’ plans will end up pocked by glitches and other miscues, like those that plagued the 2017 law.Some lawmakers, such as Senate Finance Chair Ron Wyden, have gone so far as to release the legislative texts of plans to get feedback from the public. There is also House Speaker Nancy Pelosi’s deal with moderates in her chamber to take up a Senate-passed infrastructure bill later this month, which is also pushing tax writers to work quickly.
Restaurants, for example, were not able to deduct remodeling costs as a business expense because of a drafting error in the TCJA. People who owned co-ops in New York City appeared to have a way around that law’s controversial SALT cap because lawmakers didn’t loop in a section of the law dealing with housing cooperatives.
Some of the TCJA snafus have since been address by Congress or the IRS, but most remain on the books because Democrats blocked attempts to fix them, in retaliation for Republicans refusing to allow Democrats to fix problems in the Affordable Care Act.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Democrats' plan drops repeal of a tax provision for inheritancesHouse Democrats revealed a package of tax hikes on corporations and the rich without President Joseph Biden's proposed levy on inherited property at death.
Read more »
POLITICO Playbook: Grisham dishes on MelaniaStephanie Grisham is best known for never holding a press briefing. Now she's breaking her silence on what she saw in the Trump White House. Get a preview of her upcoming tell-all:
Read more »
Child tax credit, ACA subsidy extension in House Democrats' tax planHouse Democrats hope to extend existing child cash payments through 2025 and make expanded ACA subsidies permanent as part of a new tax plan lawmakers released on Monday.
Read more »
House Democrats propose raising capital gains tax to 28.8%The proposal differs from a prior Biden administration plan to raise the top combined rate to 43.4% for those with income over $1 million.
Read more »
Donald Trump's Chicago property tax was slashed by 30% because retail space in the city's Trump Tower was mostly empty, a report saysFormer President Donald Trump's property tax was slashed for his Chicago office tower because the building's commercial space was mostly vacant, The Chicago Sun-Times reported.
Read more »