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Some popular tax breaks renewed in big govt funding bill

Source: neworleanscitybusiness.com - Dec 20, 2019

A raft of expired and expiring tax breaks, including deductions for mortgage insurance premiums, college tuition and large medical bills, would be renewed under a massive government-wide funding bill approved by the Democratic-controlled House.

The action comes a few days before the second anniversary of passage of President Donald Trump’s massive 2017 tax law, his signature legislative achievement. The package of individual and corporate tax cuts that the Republicans muscled through Congress was the most extensive rewrite of the U.S. tax code in three decades, adding an estimated $1.5 trillion to the ballooning deficit.

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Category: General Business