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U.S. Lawmakers Still Wrestling Over Tax Extenders

Source: ww2.cfo.com/tax/2015/12/u-s-lawmakers-still-wrestling-tax-extenders/ - Dec 11, 2015

With negotiations intensifying on Capitol Hill, uncertainty remained over whether lawmakers would pass a major tax bill with permanent extensions benefiting both political parties, or simply opt for a two-year extension of existing tax breaks, the Associated Press reports.

The talks started before Thanksgiving in hopes of finding a middle ground between a two-year extension of the nearly 50 breaks approved earlier this year by the Senate Finance Committee and calls by House Republicans to make about a dozen breaks permanent.

Around 50 tax breaks for individuals and businesses expire annually, and Congress goes through a once-a-year ritual of renewing them.

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Category: IRS