WSJ – The House is likely to vote to extend a package of tax breaks this week, but elements of the plan — including higher taxes on investment-fund managers — are likely to prove controversial, and the Senate could substantially rewrite the measure.
The bill would renew for one year a raft of provisions scheduled to expire on Dec. 31, including a research tax credit for businesses; faster depreciation of assets for restaurants and retail stores; and deductions of state and local sales taxes for individuals. The breaks — 49 in all — would cost the government more than $30 billion over a decade, according to the House Ways and Means Committee. House Democrats want to increase taxes on investment-fund managers’ earnings to help pay for the breaks.
