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House Poised to Approve $600 Billion in Tax Cuts

DEC 16, 2015

The House is poised to pass more than $600 billion in tax cuts on Thursday, delivering benefits to manufacturers, medical device makers, labor unions, multinational banks and low-income families, among others.

The bill resulted from a bipartisan agreement to play down concerns about budget deficits and construct a package of tax breaks so large and diverse that most lawmakers will find something in it to like. Republicans, business groups and the White House cheered the deal, while congressional Democrats were divided because of the price tag and the permanent extension of some business breaks.

The deal would take popular tax breaks that expired at the end of 2014 and make them permanent, ending a cycle in which Congress routinely lets major pieces of the tax code lapse, then revives them retroactively, long after they had lost any value as incentives.

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