Republicans in the U.S. House of Representatives on Friday unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden's legislative victories, including credits to spur the sale of clean-burning electric vehicles.
Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. That is when the Joint Committee on Taxation also is expected to release its analysis of the package.
"These policies will provide relief for working families, strengthen small businesses, grow jobs, and protect American innovation and competitiveness," Ways and Means Chairman Jason Smith said in a statement. Republicans, who control the House, introduced the proposals days after Biden, a Democrat, signed into law legislation Republicans sought to begin addressing the rapidly-growing debt with about $1.3 trillion in spending cuts.
The legislation also would significantly increase the way businesses could claim depreciation deductions, raising the threshold to a permanent $2.5 million from the current $1 million that was contained in the Republicans' broad 2017 tax cut package.
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