Posted on 01/01/2010 2:06:26 PM PST by jan in Colorado
When members of the U.S. Senate finally head home this week, they will be leaving the future of 50 individual and business tax breaks in limbo. All expire at the end of 2009.
Among the disappearing breaks are the research tax credit and an annual alternative minimum tax "patch," which keeps 23 million additional middle-income Americans from being forced into calculating and paying the dreaded AMT. (For 2009, with the patch in place, 4 million upper-middle- and high-income families will pay AMT.)
(Excerpt) Read more at forbes.com ...
Other corporate breaks that are in limbo include a railroad track maintenance credit; special expensing rules for U.S. film and television productions; and tax laws that help Puerto Rican and U.S. Virgin Islands distillers.
The House extenders bill passed Dec. 9 didn't include the AMT patch. Stretch says it's likely the AMT patch and the traditional extenders, including the research credit, will be extended for 2010 sometime next year. Still, with the budget deficit growing, the Bush-era tax cuts set to expire at the end of 2010, and economic advisers to Obama looking at options for tax reform, nothing is certain.
"Who knows what's going to happen next year?" asks McGuire.
As liberals believe taxing things are the way to get the economy going again, no doubt these 50 tax ‘breaks’ expiring will obviously get America’s business climate bak on track again. I can see the hiring surges ready to begin.
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Even more taxes liberals won’t pay.
Isn’t odd how it is tax breaks that have expiration dates? Social programs, of course, continue in perpetuity.
‘Stretch’ here is NOT Botox Brain but Clint Stretch, managing principal of tax policy with Deloitte Tax.
RINOism is the cause of this nonsense. Defeat Juan McDemocrat in November.
Among the disappearing breaks are the research tax credit and an annual alternative minimum tax "patch," which keeps 23 million additional middle-income Americans from being forced into calculating and paying the dreaded AMT. (For 2009, with the patch in place, 4 million upper-middle- and high-income families will pay AMT.)
The AMT is no small item. Just wait until that one hits. Many, many, many people will get whacked by that one. I’ll bet they fix that before 4/15 or there will be people calling for Democrat scalps, and it won’t be Conservatives and independents.
And our taxes go up! — The dimocrats have to go!
Scroogie on the GOP when they had the majority for not having the cajones to make these tax cuts and incentives permanent and not with some game playing deadline gimmick attached to these monstrosities. Time for the common sense folks to occupy DC and take it back from the tyrants.
Hi jan, Colorado is simply the best, isn’t it?
Given this post, it looks like my timing in going Galt last summer was pretty good.
“Isn’t odd how it is tax breaks that have expiration dates? Social programs, of course, continue in perpetuity.”
Very good post — a most excellent point.
You know, the republicans never really had any kind of a majority (with a Republican President anyway) that would allow them to pass an agenda that you would seem suggest.
“Even more taxes liberals won’t pay.”
Get a good accountant.
Form a small business/corporation. Teach yourself how to do these things.
There are ways to keep from being raped by these tax-greedy tyrants, but it takes work now.
I, for one, would rather break even by paying my accountant than give more of my property to the thieves in government—inept, incompetent, and in charge, the bastards!
It’s now time to refuse, resist, and defy.
I wasn’t born to serve them, and neither were you! I serve my family, not politicians! Fight back, Americans!
Yes, I wouldn’t live anywhere else (by choice) ;-)
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