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December 04, 2014 at 08:25 AM
The House passed late Wednesday by 378-46 vote, H.R. 5771, the Taxpayer Tax Increase Prevention Act of 2014, which extends for one year a host of individual and business tax provisions that expired at year-end 2013.
House Ways and Means Chairman David Camp, R-Mich., said in comments on the House floor Wednesday afternoon that he wasn’t pleased with “this on-again, off-again style of legislating on a temporary basis” as it’s “a terrible way to make tax policy.”
Taxpayers, Camp said, “deserve to know whether these tax policies are going to be there year in and year out on a permanent basis. Temporary renewals cannot provide the certainty that American businesses need in order to make the best decisions about how to invest in cutting-edge research, whether to buy that new piece of equipment, and most importantly, whether to hire that additional worker.”
Sen. Orrin Hatch, R-Utah, who will replace Sen. Ron Wyden, D-Ore., as head of the Senate Finance Committee in the new Congress, said before the vote that lawmakers have gone “from being the on cusp of a deal – a deal that both sides could reasonably support – to a situation where probably our only recourse will be to pass a one-year retroactive extension of all tax extenders.”
Hatch said that he’d hoped lawmakers “could bring more permanency for American businesses and taxpayers.”
