Republican members of the U.S. House Ways and Means Committee have introduced multiple bills that total around $237 billion in tax cuts. One would extend and retroactively restore three expired business tax breaks from the Tax Cuts and Jobs Act that involve research spending, interest expenses and equipment purchases. The package would also introduce a two-year individual bonus standard deduction for those making less than $400,000 a year, raise the reporting threshold for IRS Form 1099-K to $20,000 and repeal several clean energy credits. Even if this proposed legislation passes the House, it’s expected to encounter resistance in the Democratic-controlled U.S. Senate.
Our Blog 