House approves massive tax bill

House approves massive tax bill

By Nick Salazar   
Photo: Phil Roeder via Flickr

(Talk Media News) — The House on Thursday approved a massive $680 billion tax package in one of two pieces of year-end legislation before Congress heads home for the holidays.

In a 318-108 vote, the bill makes some tax credits permanent as well as extends others for a couple of years.

Only 77 Democrats joined 214 Republicans in voting for the bill.

Among those being made permanent are research and development tax credits for small business, while extensions of the earned income tax credit and the child tax credit were also approved.

Most Democrats opposed the bill in large part because the bill is expected to add to the deficit by $644 billion over the next 10 years.

The legislation now goes to the Senate for final approval, and then to President Obama’s desk, who has already signaled his support.

From here, Congress must pass an omnibus spending bill that funds the government as well as other provisions lawmakers are seeking to include, which includes an end of a ban on exporting domestic oil.

It’s currently unclear whether or not Republicans in the House have enough votes to pass such a bill, given that a large majority if Democrats oppose it.

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