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The Taxing Question in Congress

Wednesday, February 12, 2014   (0 Comments)
Posted by: Larry Innis
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For the past several years, Congress has faced a year-end deadline to pass the tax extenders bill. It has been one of Congress’s bad habits. But it did not happen this year causing several key pro-business tax deductions like the estate tax and allowing business to deduct the cost of equipment purchases in the year of purchase rather than gradually through depreciation.

In practice these temporary tax deductions have become permanent because of the sage of the annual temporary authorizations. Congress will again be looking at tax extenders in the coming weeks. MRAA will again push for the repeal or, at least, passage of last year’s $3.5 million exemption of the estate (death) tax. Last week Senator Harry Reid (D-Nevada) said the Senate will take up tax extenders when the Chair of the Finance Committee, Max Baucus (D-Montana) departs the Senate for a new post as ambassador to China.