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Bipartisan Tax Proposal for Relief and Expansion
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Overview
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Bipartisan tax proposal aims to restore tax breaks, end Employee Retention Credit, and expand Child Tax Credit. It also offers relief for casualty losses, wildfire payments, and derailment relief. The proposal increases depreciation limits for businesses, restores bonus depreciation for qualified property, and extends flexibility for taxable years.
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How could the bipartisan tax proposal affect the overall taxation system and contribute to broader economic policies?
How might the restoration of tax breaks and expansion of the Child Tax Credit impact individual taxpayers?
What potential economic implications could arise from the changes in depreciation limits for businesses?
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