Dozens of tax breaks expired at the end of 2013, and Congress is considering extending several of them this month.
Among the tax breaks are a measure that allows businesses to write off investments faster, called bonus depreciation, and another that provides tax credits for job creating investments. In all, over 60 tax breaks that ended last year are under consideration to be continued for at least another year. Republican Rep.-elect Bruce Poliquin, of Maine's 2nd District, told MPBN News he wishes he were in office now to support the so-called tax extenders legislation.
"It means taxes will go up, and that means American companies and Maine companies will be less competitive with companies in Canada and companies in Mexico," he said. Poliquin said businesses related tax breaks should be continued to help with creating jobs.
The legislation seemed on track for passage until last week, when President Barack Obama threatened a veto of the package worked out by the Senate Finance Committee. The president argued the tax breaks were tilted too much toward helping businesses and not enough toward helping individual taxpayers. Poliquin disagrees.
"We ought to do everything we can in government to help our job creators succeed, to help our businesses be more successful," he said. "Not get in the way and penalize them."
Poliquin said if Congress does not act this month, he will support an effort early in the new congress to reinstate tax breaks that he believes will help the economy recover.
