Dems Might Be Able To Get Something Out Of The GOP Tax Law - Breaking News

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For any copyright, please send me a message.  The working poor could benefit from changes Democrats may demand in exchange for fixing part of the 2017 Republican tax law.  One of several errors in the law has prevented retail businesses from writing off renovations as the law’s authors intended.  Instead of allowing businesses to deduct the full cost of “qualified improvement property” upgrades, a drafting error only lets them write those investments off little by little over 39 years. Retailers and restaurants say they’ve held off on renovations, and they’ve been lobbying hard for a solution.   The glitch “is causing numerous negative ripple effects for individuals and businesses,” a group of hundreds of businesses told lawmakers in an April letter.  Democrats have hinted they might try to pair a fix for the so-called “retail glitch” with increasing tax credits for people with low incomes.  “We’re not going to give restaurant owners in big corporate restaurant chains a tax break and then not help the workers who are underpaid to work in those restaurants,” Sen. Sherrod Brown (D-Ohio), a member of the Senate Finance Committee, told HuffPost.   The 2017 Tax Cuts and Jobs Act reduced taxes for most households, but slashed rates for corporations. Democrats have complained since its passage that Republicans left out a number of potential tax benefits for low-income households.   Earlier this year the House Ways and Means Committee approved a bill that would expand the Child Tax Credit and the Earned Income Tax Credit, which dishes out cash refunds to millions of households every year. The bill has not passed the House, but the Center on Budget and Policy Priorities, an influential liberal think tank, said in an October blog post that Democrats ought to insist on changes like that in exchange for helping retailers.   A Ways and Means spokeswoman said that if Congress fixes errors in the law, then it should fix its more “fundamental” problem: “that it rewarded big corporations and the wealthiest Americans while leaving workers and middle-class families behind.”  Normally, a Democratic bill for the working poor would have no chance in a Republican-controlled Senate generally hostile to new low-income tax credits. But Republicans are desperate to fix errors in the tax bill, their biggest legislative accomplishment under Trump. It’s not clear how hard Democrats will push, but there’s definitely an opportunity for them to get something. A catchall tax package addressing the retail glitch and providing a few other tax breaks could hitch a ride on whatever spending bill Congress passes before the end of the year in order to avoid a government shutdown.   Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Commit

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