According to a recent article in The Gazette of eastern Iowa, US Senator Chuck Grassley of Iowa predicts that many tax extenders will be renewed in 2014. Senator Grassley is the Senior Republican member on the Senate Finance Committee.
There won’t be any extension before Christmas, Grassley predicted, but not because of political opposition to the credits. Based on past performance, he said Wednesday, Congress will come back after the New Year and approve four dozen or more tax credits.
“There are a lot of economic interests” represented in the tax credits, he explained. Those interest groups collectively “put a lot of pressure on Congress to re-institute the credits.”
So, why wait?
The delay, Grassley said, can be attributed to the ongoing discussion about “massive tax reform.”
If congressional leaders – in this case Finance Committee Chairman Max Baucus, a Montana Democrat, starts talking about extending the credits “it looks like you’ve given up on tax reform,” Grassley said, adding “which isn’t going to happen before Christmas.”
Read the entire article in The Gazette.