Will the Bush Tax Cuts Expire? Senate Finance Committe is considering a potential extension.
With a $1 trillion federal budget deficit facing the government, the Senate Finance Committee is trying to determine how to extend the Bush tax cuts without increasing the budget deficit or hurting economic growth. Some of the Bush tax cuts being consided include lowering income tax rates for all taxpayers, doubling the child tax credit from $500 to $1,000 per child and making the credit partially refundable, increasing the amount families could claim for the dependent care credit, eliminating the marriage penalty, and making it easier to deduct student loan interest. For more information on the Senate Finance Committee hearings, read the article published by WebCPA.