Congress in Talks to Revive and Extend Lapsed Tax Breaks - Video - TheStreet

Congress in Talks to Revive and Extend Lapsed Tax Breaks

Conflict is brewing in Congress again, and this time it's over tax breaks.
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Conflict is brewing in Congress again, and this time it's over tax breaks. Republicans and Democrats are negotiating a deal to extend lapsed tax breaks that expired at the end of 2013. There was also discussion of making some of the current tax breaks permanent, including breaks for businesses, research tax credits and expansions of the earned income and child tax credits. Government officials are worried that the new package could increase the U.S budget deficit by more than $400 billion in the next ten years. U.S Treasury Secretary Jacob Lew called the potential deal 'fiscally irresponsible.' Lew said in a statement, 'An extender package that makes permanent expiring business provisions without addressing tax credits for working families is the wrong approach, at the expense of middle-class families.' He added, 'Any deal on tax extenders must ensure that the economic benefits are broadly shared.'