Good news, bad news

Good news, bad news

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David Thompson of the National Council of Nonprofits told Morning Tax that the group was told that the hearing was canceled, but that it was going to try to look at that as good news. “Postponed would mean we still have to wait for a hearing to move onto the legislating stage,” Thompson said.

A bipartisan group of lawmakers have endorsed killing that tax, but it would also cost billions of dollars at a time when several Democratic tax writers have been pushing to offset the cost of reviving the expired tax incentives. Republicans on the committee have pointed out that the previous GOP House voted to get rid of the tax in December as part of a year-end tax package — a measure in which, to be fair, the GOP Senate showed no interest. “There is broad agreement on both sides of the aisle to fix this, but instead of just repealing the provision, Democrats are using it to leverage tax increases and to attack the new tax law, which has led to the unprecedented economic success we are experiencing,” said Rep. Mike Kelly (R-Pa.).

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