Posted on 12/16/2015 12:14:10 PM PST by Hojczyk
Agreement reverses GOP’s budget gains
Congressional leaders agreed to a budget-busting set of tax cuts late Tuesday as part of a year-end, clear-the-decks deal that marks a major reversal from the last four years’ focus on deficits and streamlining the tax code.
While the total cost of the package had not been publicly estimated by the Congressional Budget Office, it was expected to total in the hundreds of billions of dollars over the next decade — undoing in one swoop many of the deficit gains the GOP had won under then-Speaker John A. Boehner.
Instead, the 233-page document moves away from deficit-cutting and embraces dozens of special tax breaks that presidential candidates in both parties had said they wanted to eliminate.
The deal explicitly exempts itself from budget rules that normally require all new spending or tax cuts to be offset by tax increases or spending cuts elsewhere in the budget.
The bill will be voted on by both the House and Senate later this week, as Congress tried to wrap up business for 2015.
Negotiators who struck the deal said making some tax loopholes permanent will actually make it easier to do an overhaul of the tax code next year because they’ve narrowed the list of breaks that should be protected.
(Excerpt) Read more at washingtontimes.com ...
Corruption so vast that words cannot describe it!
I hope the NASCAR tracks all spend it on repaving their tracks.
Yeah, this is quite sickening.
They’re getting it all in before the election. The party is over for these criminal bastards.
Speaker Ryan, please pick up the yellow courtesy phone...
If the Grace Commission conclusion was worth a damn at all, one third of this effectively will go to waste, gubamental FRAUD,graft and corruption.
Great job, Ryan! New boss, same as the old boss.
I’m a student. What “gibmedat” am I entitled to?
Enhanced American opportunity tax credit: From 2009 through 2017, taxpayers have been entitled to a $2,500 credit for four years of post-secondary education, with phase-outs beginning at $80,000 (if single) and $160,000 (if married filing jointly). In 2017, however, the credit was slated to return to an $1,800 annual maximum with lower phase-out thresholds. This deal makes the enhanced credit a permanent fixture in the law.
IM thinking I’m thinking..
Free Mint Juleps at the Kaintukky Derby and NASCAR race?
A Jug of Jagh.. A cool hat?
And to think they actually have the cahonies to ask us to votefor them.. Again and again. For what?
“Enhanced American opportunity tax credit: From 2009 through 2017, taxpayers have been entitled to a $2,500 credit for four years of post-secondary education, with phase-outs beginning at $80,000 (if single) and $160,000 (if married filing jointly). “
Oh look, I got my $2,500 from Obama after all. /sarc
NASCAR has become like watching Fruit Loops in a toilet...
I believe that this will make the selection of ‘State Income Tax’ vs ‘State Sales Tax’ on Schedule A Itemized Deductions a permanent part of the code. Waiting to see the actual news about it.
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