From NAM’s Manufacturing Economy Daily
The Hill (12/9, Bolton) reports that “a source close to the talks” says Senate negotiators are nearing agreement “on a major tax deal that would make permanent two popular business tax breaks as well as expanded tax relief for lower- and middle-class families.”
The source said the package, which “could come out Thursday,” would “impose a two-year moratorium on two unpopular ObamaCare taxes, the Cadillac tax on expensive plans and the medical device tax.” In addition, it would “make permanent the expansions of the child tax credit, the earned income tax credit and the American Opportunity Tax Credit for college tuition.”
While Republicans are not happy about the “inclusion of language freezing the Cadillac tax,” a “GOP source familiar with the talks predicted Republican lawmakers would go along with it in the end.”
A separate piece in The Hill (12/9, Bolton, Jagoda) also discusses how Congress and the White House “are scrambling to put together a major tax deal,” with a potential deal “indefinitely extend[ing] the research and development tax credit and the Section 179 deduction for small-business expensing.” The article further details the negotiations, including the status of the “Cadillac tax” and medical device tax.
The Washington Post (12/10, Snell) reports that Democrats may agree to the GOP’s request to “permanently extend some of the business breaks” in exchange for making “some tax provisions targeted at low-income workers” permanent as well.
Politico (12/9, Ehley) also reports on the tax deal negotiations.
Associated Industries of Missouri is the sole official designated partner of the National Association of Manufacturers in Missouri.