It’s opposite day again for House Republicans, who want to increase deficits, not cut them. Roll Call:
BONUS DEPRECIATION MADE PERMANENT: The House sent the Senate a bill (HR 4718) to make “bonus depreciation” for businesses a permanent feature of the Internal Revenue Code. This would add $287 billion to federal deficits between fiscal 2014 and 2024, according to official projections. Bonus depreciation allows businesses to deduct 50 percent of the cost of qualified property in the year in which the item was bought. It applies to most types of tangible personal property and software and is in addition to regular depreciation allowances.
Voting yes to increase the nations deficit by adding another handout to corporations, permanently, adding $287 billion to national debt over 11 years: Paul Ryan, James Sensenbrenner, Tom Petri, Sean Duffy, Reid Ribble.
And you thought they wanted to cut spending and balance the budget?