New tax law packed with obscure business tax cuts

Associated Press ^ | Saturday, December 25th, 2010 | STEVE OHLEMACHER

[andyk]

WASHINGTON – The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands. There is even a tax break for people who buy race horses. Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes. The business tax breaks are part of sweeping legislation that extends Bush era tax cuts for families at every income level through 2012. Obama signed the $858 billion measure a week ago. It also provides a new payroll tax cut for wage earners and extends jobless benefits to the long-term unemployed.

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_Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories. Previously, the rebate was $10.50 a gallon. The new law extends a more generous rebate of $13.25 a gallon through 2011. Cost: $262 million.

<snip, snip>

_Extends a grant program for the production of wind, solar and other renewable energy through 2011. Cost: $3 billion. "This is a great holiday present for the 85,000 American workers in the wind energy industry, tens of thousands of whom will now be able to get back to work in a sector that has been a bright spot in the recession so far," Denise Bode, CEO of the American Wind Energy Association, said in a statement.

[andyk]

Boy did we get screwed. I don't see how we can look at the bill that was passed, with all of the spending it included, and conclude that it was a good thing. The Republicans should not have agreed to it.

Merry Christmas, everybody.

[Chode]

Capt Morgans just moved from PR to STX...

[Onelifetogive]

“Targeted Tax Cuts” are NOT tax cuts, they are LOOPHOLES! They are bribes for campaign contributions and gifts for favored constituencies...

[freespirited]

Same old, same old. With the same bad apples we’ve had for the last two years, little to nothing was going to change during the lame duck.

[andyk]

little to nothing was going to change during the lame duck

You're right about that. Let's see what happens in the next session. Oh Lord, please let me be impressed. Amen.

[Cheetahcat]

Jobless benefits used to be 3 months,What happened?

[E. Pluribus Unum]

The purpose of the tax code is to grant unequal protection under the law to favored constituents and steal from unfavored constituents.

That alone is reason enough to declare it unconstitutional.

[UCANSEE2]

That alone is reason enough to declare it unconstitutional.

Then it would fall under the DEMS 'protected practice' law.

They are doing it and have been for a long time, so they aren't going to stop now.

[Liberty Ship]

The Democrats ate MY lunch!

I’m going to lose my property tax deduction; I don’t itemize because I have lived modestly, don’t have a mortgage on the very small home I live in for someone with my income. Without a mortgage, I can’t itemize. State and local taxes were the only deductions I had. So now I lose the property tax deduction. Thanks a lot.

[reefdiver]

Targeted cuts for them that write the bills. We have a political class that takes care of THEMSELVES. The show they put on - thats to keep us riled up to vote for them, but they take care of each other first. Find the breaks they give to them selves and use them.

[andyk]

I had no idea that we collect tariffs on behalf of territories, and then send it to them. Our method of paying for government has been completely turned on its head.

[G Larry]

This may be a good time to recalculate whether itemization works better for you.

[razorback-bert]

Another bill that had to be passed, before we find out what is in it.

[Myrddin]

Grab a copy of TurboTax and itemize. It will probably
cover the cost of the software and put money in
your pocket by making the itemization simple.

[org.whodat]

The republican coolaide drinkers will be along shortly telling you what a sweet deal you got, applying the Vaseline a day late.

[Chode]

affirmative...

[devere]

We have the best Congress money can buy ... or is it rent?

[An Old Man]

"Without a mortgage, I can’t itemize."

That's a real tear jerker! How about we find you a nice loan at say 6 or 7% so you can play the game too.

[Digger]

Targeted cuts for them that write the bills. We have a political class that takes care of THEMSELVES. The show they put on - thats to keep us riled up to vote for them, but they take care of each other first.

Any voting in this corrupt "Two-Party Cartel" is just vindicating these scumbags because most all are bought & paid puppets to their elite puppet masters/lobbyst. Voting today is a joke on so many levels.

[I am Richard Brandon]

"Two-Party Cartel" = The One Party System. There is just a smidgen of hope the the "Tea Party" will disrupt this cozy arrangement, if not in this Congress, then in the next one. "Non illigitimi carborundum.'