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.

[Liberty Ship]

Thanks, but I use an accountant; a good one. The unfortunate truth of the matter is that the way I live my life, I really don’t have any deductions except property tax. Property tax was, apparently until this change, deductible even if you didn’t itemize. Now, apparently they have taken that away. More punishment for the responsible.

[Kickass Conservative]

Which only proves that Nancy Pelosi is a Genius.

Her famous quote, “But we have to pass the bill so that you can find out what is in it” should be recited in the same breath as Abraham Lincoln's “Four score and seven years ago”.

[Liberty Ship]

No thanks. I paid my dues up front.

[italianquaker]

Same here, I guess planning right is objectionable now hmm

[Bryanw92]

>> So now I lose the property tax deduction. Thanks a lot.

Same here. This is BS!! It’s about time to invoke Rule 308 to clean out Washington and return control to the people.

[Bryanw92]

If you don’t have a large mortgage, there aren’t many things left to let a private citizen itemize. Some of us didn’t buy a McMansion or use the equity in our homes to buy a giant SUV in the pre-2008 economy.

Now, I guess that was a BAD idea. The moral of the story is: If you have credit, use it. Charge big. Demand bailouts.

[sergeantdave]

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

I think too many people are betting everything on our win in the house to change everything. Although a victory of sorts, the election of 650 patriots to state legislatures was our big victory. It’s the state legislatures where we can attack the federal criminal fascists occupying Washington. Thirty state legislatures controlled by patriots can set numerous brushfires that the federal thieves have neither the manpower nor resources to control.

We’re looking at the wrong place to take down the criminal fascists in DC.

[ErnBatavia]

The article is poorly written...."Local" property taxes might not be what I know as my Riverside County Property Tax; whatever is called 'local' may in fact be quite miniscule.......but once again, it's poorly written.

And, anybody can itemize. The results have often been the same, as if you didn't, but you can indeed itemize.

[Liberty Ship]

Sure you can, but your rate goes up. I just need to get over it and admit that my country has become Socialist. We are a Socialist country. There. I said it. We lost the Cold War in 1932. Democrats are commies.

[GlockThe Vote]

Actually, if you read creature from jekyll island, the real damage was done in 1913 with the formation of the federal reserve bank.

If you have not read that book yet - don’t walk - RUN FAST - and get it tommorow. It is discussed often on this site, but I implore you to get it.

It will literally be a life changing experience in how you look at politics money etc.

If you doubt me, check out the reviews on amazon. Its a big book but a furious page turner.

[andyk]

If you have not read that book yet - don’t walk - RUN FAST - and get it tommorow.

It's sitting on my book shelf staring at me. Maybe this next week off is the time to finally hit it.

[GlockThe Vote]

I was opriginally a little leery thinking the size and subject matter would make it hard to get through. Boy was I wrong!

I’m not kidding - this book will change your life. Not in a good way either. What you will learn in there will horrify you.

I gave the book to my dad a few months ago and he still can stop talking about it. There is so much horrific stuff in there you will need a few drinks at least. It also goes fast and is a page turner because you will almost not want to believe what you are reading, but its all backed up.