Bipartisan Business-Backed $78 Billion Tax Cut Hits GOP Roadblock in US Senate after 357-70 House vote; Why Give Biden a Win?

[essentialsaltes]

Senate Republicans are poised to sink a $78 billion tax-cut package, gambling that they’ll win the majority in November and can push then for bigger breaks for business.

They also don’t want to hand President Joe Biden an election-year victory on the legislation, which includes both child and business tax breaks, lawmakers and aides have said.

The package, the top business lobbying objective this year, easily passed the Republican-controlled House in January on a bipartisan 357 to 70 vote. It also has support of the White House.

The measure would restore expired tax breaks allowing businesses to more quickly recoup costs of domestic research and development, interest on business loans, and investment in new equipment. Working parents would receive more generous child tax credits, and be eligible for the first time to claim multiple children. Read more from Erik Wasson and Samantha Handler.

 

[JustOneWay]

If it is a good bill and bipartisan, it should pass easily next year when Biden wins reelection.

 

[Desk trauma]

If it is a good bill and bipartisan, it should pass easily next year when Biden wins reelection.

As if that will stop gridlock.

 

[AlexB23]

Senate Republicans are poised to sink a $78 billion tax-cut package, gambling that they’ll win the majority in November and can push then for bigger breaks for business.

They also don’t want to hand President Joe Biden an election-year victory on the legislation, which includes both child and business tax breaks, lawmakers and aides have said.

The package, the top business lobbying objective this year, easily passed the Republican-controlled House in January on a bipartisan 357 to 70 vote. It also has support of the White House.

The measure would restore expired tax breaks allowing businesses to more quickly recoup costs of domestic research and development, interest on business loans, and investment in new equipment. Working parents would receive more generous child tax credits, and be eligible for the first time to claim multiple children. Read more from Erik Wasson and Samantha Handler.

Paywalls, schmaywalls. Alright, time to bypass the paywalls, as information should be free. Hopefully a bi-partisan package passes, even though not all of it is ideal. Companies get a lot of tax breaks sadly.


Here is summary of the article, for those who do not have access to it:

The article by Brandon Lee and Jeannie Baumann, published on April 5, 2024, discusses the ongoing efforts by Senate Republicans to block a $78 billion tax-cut package that easily passed the Republican-controlled House in January with bipartisan support. The legislation, which includes child and business tax breaks, has White House support but is facing opposition from Senate Republican leader Mitch McConnell and his No. 2, John Thune.

The child tax credits in the bill have become a contentious issue among Senate Republicans due to strong opposition from Senator Mike Crapo, the lead Republican on the Senate Finance Committee. Crapo has requested changes to the bill, including requiring parents of children receiving the credit to submit Social Security numbers to verify their immigration status and rescinding the retroactive break for 2023. However, Democrats are unwilling to make these changes, which had already been agreed upon in bipartisan negotiations.

McConnell and Thune's opposition to the bill is rooted in internal Senate GOP politics, as McConnell has abandoned his leadership post, and Thune is vying for the top spot. Thune does not want to alienate Crapo or other key committee leaders.

The tax package aims to restore expired tax breaks that allow businesses to recoup costs of domestic research and development, interest on business loans, and investment in new equipment. The measure also includes more generous child tax credits for working parents and allows them to claim multiple children for the first time.

Despite bipartisan support in the House, Senate Republicans' efforts to block the bill could result in a delay or even the defeat of the legislation. This move is seen as a gamble by the GOP, as they hope to win the majority in November and push for bigger breaks for businesses then. However, if Democrats maintain control of the Senate, President Joe Biden would secure a victory on the legislation.

 

[Pommer]

Senate Republicans are poised to sink a $78 billion tax-cut package, gambling that they’ll win the majority in November and can push then for bigger breaks for business.

They also don’t want to hand President Joe Biden an election-year victory on the legislation, which includes both child and business tax breaks, lawmakers and aides have said.

The package, the top business lobbying objective this year, easily passed the Republican-controlled House in January on a bipartisan 357 to 70 vote. It also has support of the White House.

The measure would restore expired tax breaks allowing businesses to more quickly recoup costs of domestic research and development, interest on business loans, and investment in new equipment. Working parents would receive more generous child tax credits, and be eligible for the first time to claim multiple children. Read more from Erik Wasson and Samantha Handler.

Maybe we should try to run our federal legislative bodies less as a parliament, (where the party out of the White House acts as an opposition party) and get back to the consensus model that we had used for the first 200+ years?

 

[Desk trauma]

Maybe we should try to run our federal legislative bodies less as a parliament, (where the party out of the White House acts as an opposition party) and get back to the consensus model that we had used for the first 200+ years?

That would require two parties interested in governing.