WASHINGTON — In an almost annual ritual, Congress has passed a last-minute package of temporary tax breaks, sparing millions of businesses and individuals from unwanted tax increases just weeks before start of filing season.
Congress extends these tax breaks every year or two, usually at the last minute, drawing complaints from business leaders tired of the uncertainty. This year’s package will add nearly $42 billion to federal budget deficit, according to congressional estimates.
Five things to know about the year-end tax package, which President Barack Obama signed into law Friday: Continue reading
WASHINGTON — The House voted Friday to make permanent a temporary tax break that makes it easier for businesses to invest in new equipment, one of many expired tax breaks that Congress must deal with by the end of the year. Continue reading
WASHINGTON — The House voted Thursday to make permanent a generous tax break that makes it easier for small businesses to buy new equipment and improve their property, part of an election-year showdown over a series of expired tax breaks worth billions. Continue reading
Two bills focused on oil company tax breaks, deep-sea drilling and reducing rising gas prices have reignited energy policy debates on Capitol Hill. Congressional correspondent Kwame Holman reports on the political fight over prices at the pump. Continue reading
Lawmakers targeted the oil industry’s tax breaks and profits in budget debates Thursday. Judy Woodruff discusses the debate over tax breaks for oil production and other rules with The Energy Program at Public Citizen’s Tyson Slocum and The American Petroleum Institute’s Brian Johnson. Continue reading
President Bush called for about $145 billion worth of tax relief for individuals and businesses Friday to give the U.S. economy a “shot in the arm” and hopefully avert a recession. Continue reading
A House committee Monday approved a $1.3 billion tax-relief package addendum to a bill raising the minimum wage, compared to a Senate bill that offers $8.3 billion in tax breaks. Rep. Charles Rangel, D-N.Y., and Sen. Chuck Grassley, R-Iowa, debate the competing bills. Continue reading