Skip to comments.House Passes Pair of Business Tax Break Bills
Posted on 06/16/2014 7:56:17 PM PDT by SgtHooper
The House passed a pair of bills Thursday to provide tax breaks to businesses.
One bill, H.R. 4457, America's Small Business Tax Relief Act of 2014, would permanently extend Section 179 expensing of up to $500,000 after the generous bonus depreciation limit expired last year. It passed by a vote of 272 to 144.
The other bill, H.R. 4453, the S Corporation Permanent Tax Relief Act of 2014, makes permanent the shortening of the built-in gains tax-holding period for S corporations from 10 years to five years to give S corps quicker access to capital. It also contains a basis adjustment fix for charitable contributions made by S corporations. It was approved by a margin of 263 to 155.
Now the bill goes to the Senate where the Grim Reaper awaits. Anyone care to bet whether this bill sees the light of day in the Senate?
I hate to say it but your liberal friend has a point.
For the rest of this year, if the Republicans say that some proposed spending increase must be offset by cuts elsewhere, so that it doesn’t increase the deficit, the Dems will point to this bill. “The Republicans will increase the deficit to help their fat-cat friends but not to help starving children/injured veterans/family farmers/etc.”
The Republicans should have gone for ideological consistency. As Rembrandt said, the bill will die in the Senate anyway.
Points of importance:
“...Democratic counterpart on the committee, ranking member Sander Levin, D-Mich., pointed out that the cost of the permanent tax breaks had not been paid for or offset in either pieces of legislation and would add to the budget deficit.”
The above is the hypocritical part.
“Camp countered that Democratic lawmakers were also being hypocritical. Sure, House Democrats, many who have sponsored this legislation before, are now demanding that we pay for an extension of these policiesdespite voting year after year to extend these job-creating policies without being paid for, he said.”
Pubes need to cut in order to increase, but not the Rats.
If both parties are hypocrites about the deficit issue, then people who want genuine change in Washington have no reason to vote Republican.