The issue most likely to consume the time and energy of Congress next year is not anything President Biden or former president Donald Trump is talking about during this campaign season. Congress might take up legislation on the campaign flash points of immigration and abortion. But there are budget issues it will definitely have to tackle.
The issue most likely to consume the time and energy of Congress next year is not anything President Biden or former president Donald Trump is talking about during this campaign season. Congress might take up legislation on the campaign flash points of immigration and abortion. But there are budget issues it will definitely have to tackle.
That’s because if Congress does nothing, the law will automatically impose tax increases and spending cuts that neither party wants and that the public would hate. Major provisions of the Tax Cut and Jobs Act of 2017 — the main legislative accomplishment of Trump’s presidency — expire at the end of 2025. That means that, absent action, tax rates will rise and the standard deduction and the child credit will shrink. Businesses will lose some tax breaks. There will also be automatic tax cuts: The deduction for state and local taxes will expand for high earners, as will the mortgage deduction for people who buy expensive homes
Congress Budget Issues Tax Increases Spending Cuts Tax Cut And Jobs Act Tax Rates Standard Deduction Child Credit Tax Breaks
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Congress unveils $1.2 trillion plan to avert shutdown and bring budget fight to a closeThis year's spending bills were divided into two packages.
Read more »
Congress unveils $1.2 trillion plan to avert federal shutdown and bring budget fight to a closeLawmakers have introduced a $1.2 trillion spending package that sets the stage for avoiding a partial government shutdown for several key federal agencies this weekend.
Read more »
Congress unveils $1.2 trillion budget plan to avert federal shutdownCongress unveils $1.2 trillion plan to duck federal shutdown and bring budget fight to end
Read more »
Rep. Ken Buck to Quit Congress, Faces Unfriendly Sendoff from RepublicansRep. Ken Buck (R-CO) is resigning from Congress, reducing House Republicans' majority and leaving his district without representation for three months. He has faced opposition from fellow Republicans due to his divergence from party priorities and refusal to support Donald Trump. Buck has cited dissatisfaction with the 2020 election results and a desire to be involved in the upcoming election cycle as reasons for his early departure.
Read more »
Juneau icebreaker included in federal spending bill as Congress faces shutdown deadlineThe bill includes $125 million for an icebreaker homeported in Juneau — but it’s unclear if it will make the final cut.
Read more »
Texas AG Ken Paxton faces impending trial on securities fraud chargesWhen Texas Attorney General Ken Paxton’s returns to court over felony securities fraud charges he’s been facing for nearly a decade, it will put him the closest he’s ever been to standing trial in the case.
Read more »