White House, Treasury Won't Support Tax Cut Extenders If Not Balanced for Middle Class
talks are underway in which some of the expired tax breaks would be
made permanent, while others would be retroactively extended for one
or two years. Lawmakers have said that they would arrive at an
extenders deal before they leave for the holidays in mid-December.
House Republicans passed bills in 2014 permanently extending bonus
depreciation, the research and development tax credit, expensing
provisions in Section 179 and certain charitable giving deductions,
though none advanced in the Democratic-controlled Senate. Making
Section 179 expensing permanent would allow businesses such as
farmers and manufacturers to purchase additional machinery with the
certainty that the provision will be in place. Democrats in the past
have called on attaching an extenders deal to a bill renewing
unemployment benefits that expired at the end of 2013, but House Ways
and Means Chairman Dave Camp (R-Mich.) balked at the idea.