House approves $622B tax plan
- 8 years ago
The House on Thursday passed a sweeping $622 billion tax package, the first of two massive end-of-year measures Congress is rushing to conclude this week.
Only 3 Republicans voted against the bill, which permanently renews a range of tax provisions following years of short-term extensions while extending other tax breaks through 2016 or 2019.
Tax breaks that would be cemented include the expansions of the earned income tax credit, the child tax credit and the American opportunity tax credit, which were all created under President Obama's stimulus law.
The measures also makes some GOP-backed reforms to the Internal Revenue Service in the wake of the controversy surrounding the IRS's targeting of political groups, and includes a two-year freeze of ObamaCare's medical-device tax.
Only 3 Republicans voted against the bill, which permanently renews a range of tax provisions following years of short-term extensions while extending other tax breaks through 2016 or 2019.
Tax breaks that would be cemented include the expansions of the earned income tax credit, the child tax credit and the American opportunity tax credit, which were all created under President Obama's stimulus law.
The measures also makes some GOP-backed reforms to the Internal Revenue Service in the wake of the controversy surrounding the IRS's targeting of political groups, and includes a two-year freeze of ObamaCare's medical-device tax.