Marc Gerson, former chief tax counsel to the House Ways and Means Committee, commented on the Senate Finance Committee's push to permanently extend key tax breaks from the 2017 Tax Cuts and Jobs Act (TCJA), including the so-called "big three": 100 percent bonus depreciation for capital investments, full expensing of R&D costs, and more favorable interest expense deductions. Gerson noted the proposal's significant cost, calling it "very expensive and [with] a big deficit impact." Gerson also said the bill is undergoing the "Byrd Bath" to ensure it meets budget rules, and described the Senate draft as a "trial balloon" unlikely to pass by July 4 due to its complexity.
 
This article also appeared in Bloomberg Law.