With the 2022 midterm election mostly in the rearview mirror, the congressional agenda for the upcoming lame duck session is beginning to come into view. Senate Finance Committee Chairman Ron Wyden (D-OR) said: “There’s going to be a clear debate about tax choices, and this whole debate about the child tax credit is front and center on that discussion.” He added that Democrats might support some business tax breaks coveted by Republicans. For their part, Republicans have been pushing for extended and enhanced bonus depreciation deductions that allow businesses to write off equipment purchases in a single year, a deduction for interest expenses and other business tax breaks. Stay tuned.
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