Republicans aiming to win control of Congress on Tuesday say they plan to force President Joe Biden into a difficult choice on taxes: sign Republican legislation to make their 2017 tax cuts permanent or veto it and be branded as the president who put tax hikes on middle class Americans.
Congressional Republicans' tax strategies and a Democratic White House could ultimately mean a status quo on rates, deductions and credits for the next two years, tax professionals and analysts say.Republicans have a strong chance of winning back control of the House of Representatives, and an even chance of taking control of the Senate., and a slim Senate majority means Republicans could put new tax legislation on Biden's desk using 'reconciliation' measures.
The law's rate cuts and doubled standard deductions for individuals and small business expire at the end of 2025, along with a $10,000 cap on deductions for state and local taxes that increased federal tax bills for many coastal homeowners. Still, corporate tax planners say they may breathe a bit easier after two years of watching to see if overall company tax rates would increase to finance Democratic spending initiatives, said Ray Beeman, tax principal at Ernst and Young in Washington.
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