And they can’t bring back my state and local tax deduction?
It IS the West Virginia Democratic Senator’s world….
Democrats are poised to approve their first big tax break of this year — but it’s not any of the ones they’ve spent so much time talking about.
Their efforts to expand the Child Tax Credit and beef up green energy breaks, not to mention their plan to raise taxes on the rich, are all dead.
But they are on the verge of passing a new $24 billion credit for the semiconductor industry, with legislation now on a glide path to President Joe Biden’s desk.
It’s hardly what Democrats had envisioned as their biggest achievement on taxes this election year.
Some lawmakers acknowledge the awkwardness of pivoting from a slate of family-friendly breaks to one that will benefit multibillion-dollar corporations, especially after long complaining that businesses were not paying their fair share in taxes.
Many semiconductor firms pay well below the 21 percent corporate tax sticker price. Intel, which would be one of the biggest beneficiaries of the plan, told investors it paid 8.5 percent last year.
“It looks terrible,” said Sen. Michael Bennet (D-Colo.).
But many Democrats say they’re just being practical, moving legislation where they have the votes, even if the things they really care about, such as the child credit, are going nowhere….