Local Voices
U.S. House Approves Permanent Small Business Tax Breaks
Republicans largely support the measure, but Democrats say it will force spending cuts in other areas.
Local small businesses could see permanent tax breaks allowing them to write off up to $500,000 in equipment purchases, according to the Wall Street Journal.
The U.S. House voted 272-144 in support of the bill Thursday, but there's a party split over whether to make these costly cuts permanent. Senate Democrats and the White House have said they would lead to other spending cuts.
According to the Wall Street Journal, many tax breaks for businesses and individuals expired at the end of 2013. To make all of them permanent would cost about $1 trillion over the next decade.
“Whatever happened to all the rhetoric about getting our fiscal house in order? Out the window,” said Rep. Chris Van Hollen of Maryland, the top Democrat on the House Budget Committee, according to PBS.
PBS reports that the House also voted on another measure that would make it easier for small businesses to deduct charitable donations.
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TELL US: Should Congress make these tax breaks permanent or extend them until another solution is found?
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