Congress Falters in Bid to Extend Tax Breaks for Business, Kids

Chances are dimming that Congress will take up a multi-billion-dollar package to renew a cluster of business tax breaks and provide a more generous child tax credit before lawmakers leave Washington for the year.

Republicans want to extend three provisions of their massive 2017 tax cuts: a write-off for corporate-debt costs, a broad tax break for research expenses and a tax break that allows companies to deduct all their capital-expenditure costs in one year. Democrats are demanding that any deal restore a more generous child tax credit of as much $3,600 that was part of President Joe Biden’s 2021 pandemic ...