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White House Opposes Extending Business Depreciation Tax Break

wochit politics
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July 10, 2014 AT 2:03 PM
The Obama administration said on Thursday that it "strongly opposes" a Republican measure pending in the U.S. Congress that would permanently extend a business tax break dealing with deductions on depreciation of certain investments. Known as "bonus depreciation," the tax break lets companies deduct 50 percent of the costs of certain equipment purchases right away, instead of depreciating the costs over years.