Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s 2017 Tax Cuts and Jobs Act, portions of which expire in 2025. The individual portions of that law expire next year, but the corporate tax cuts are permanent, a windfall for the firms that Trump is now courting to finance his campaign. Raising corporate taxes would require a Democratic sweep of Washington, but some Democrats are discreetly bullish on their chances for those wins. House Republicans’ narrow majority has struggled to govern effectively, and Democrats need only to gain five seats for a majority. to expand the child tax credit, paired with some corporate tax breaks.

Source: Washington Post June 21, 2024 23:21 UTC