Who Would Benefit From A Lame Duck Child Credit And Business Tax Bill?

  • 📰 Forbes
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

The lame duck Congress will spend the next several weeks arguing over several key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2021 American Rescue Plan. A Tax Policy Center analysis finds extending them would reduce federal revenues by nearly $700 billion from 2023 to 2032.

for workers who don’t live with their children, allowing businesses to once again write off the full cost of research in the year the expenses are incurred, extending more generous “bonus depreciation” of capital equipment, and allowing more liberal rules for firms to deduct interest costs. TPC assumed all those changes would be permanent and retroactive to the beginning of 2022.

Of all the provisions, the biggest revenue loss would come from making bonus depreciation permanent. It would lower revenue by roughly $250 billion in the first 10 years. However, since expensing largely results in a change in the timing of tax payments, the revenue loss for the next 10 years would drop to about $155 billion.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Me.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in US

United States United States Latest News, United States United States Headlines