Republican and Democratic negotiators are working through the weekend to extend or make around 50 temporary tax breaks permanent. If approved, the package of tax cuts for businesses and individuals could exceed $700 billion.
"I sense a real appetite for a balanced deal that incorporates priorities the Democrats have, priorities that Republicans have, that will provide a measure of certainty and predictability to the economy, and provide growth and the ability for working families to get ahead," said Senator Ron Wyden of Oregon, the senior Democrat on the tax-writing Senate Finance Committee, according to The New York Times.
"All sides agree that this has to be a multiyear bill," Wyden added.
"We are working very hard, staff is working on all the codes, we're getting closer" said Representative Joe Markosek, the minority chairman of appropriations, according to ABC27.
"We're not there yet," Markosek added, The Sentinel reported.
Making permanent tax credits for corporations' research and development expenses dating back to 1981 is a very important part of the proposed deal on the so-called tax extenders.
