Republicans Push $600B in tax cuts through House
Posted on December 18, 2015 09:44 am CST
Republicans have pushed over $600 billion in tax cuts for businesses, investors and families through the House as Congress moves toward completing a year-end budget compromise.
Thursday's House vote was 318-109 for a measure that extended over 50 expiring tax cuts. It made some of them permanent, including tax breaks for businesses that conduct research and for lower-earning families.
Republicans said the bill would help companies plan future investments. Most Democrats opposed the measure, saying it was tipped unevenly toward business and would drive up federal deficits.
Rep. Billy Long, (R) Missouri-7th District argued it’s good for business. “This bill prevents a significant immediate tax increase on millions of Americans and makes dozens of temporary tax cuts permanent, including the research and development tax credit to incentivize innovation and provisions to provide small business tax relief,” said Long. “Small businesses will now be able to plan and adjust their budgets and new investments accordingly due to finally having the certainty that these tax extensions will now be in place for several years to come.”
Rep. Vicky Hartzler, (R) Missouri-4th District, added, “Having the certainty from this bill that certain tax provisions are now permanent allows American families and job creators plan for the future and use their hard-earned dollars to invest in our economy and workforce. "
Democrats overall are divided over the bill. It's expected to pass the Senate on Friday, and the White House says President Barack Obama will sign it.
Congress plans to vote Friday on an accompanying bill financing government agencies in 2016.