On May 9, the full House passed, by a vote of 274 to 132, the first of six tax extenders that the House Committee on Ways and Means recently approved. Together, the six tax break bills will cost the U.S. Treasury $310 billion between 2014 and 2024.
On May 6, NLIHC joined a letter coordinated by Americans for Tax Fairness to all House members urging opposition to the measures. “All of these tax breaks are not paid for – their cost will be added directly to the deficit. This is the height of hypocrisy – providing $310 billion of tax breaks to businesses while the House majority demands that any other spending be paid for by cutting other spending,” the letter said. “It is also unacceptable to make permanent a small subset of business tax breaks without considering making permanent other tax extenders and other long-standing tax credits – such as the tax deduction for certain school expenses incurred by teachers and tax relief for people who are taking a loss by selling their homes that have underwater mortgages. There is also the need to make permanent the 2009 improvements to the EITC and Child Tax Credit – failure to do so would push 12 million families, including 7 million children, into poverty or deeper into poverty.”
The first of the six tax extender bills, H.R. 4438, would make permanent the Research and Experimentation tax credit, at a cost of $156 billion from 2104 to 2024.
Read more about Americans for Tax Fairness’s issues at: http://www.americansfortaxfairness.org