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Additional Tax Reform Unlikely This Year
Proposed legislation that would extend approximately 30 expiring tax cuts and include retirement provisions is unlikely to pass this year as members of the House of Representatives are reluctant to vote on a bill that is expected to receive opposition in the Senate. So reports The Washington Post.
At the same time, analysts at the Congressional Budget Office have concluded that the proposed tax legislation would increase the federal deficit by about $54 billion over 10 years.
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