Skip to comments.Rangel Plans to Renew Expiring Tax Breaks (Tax-cheat Charlie still has problem w/ HIS expired taxes)
Posted on 11/21/2009 12:04:50 PM PST by Libloather
Rangel Plans to Renew Expiring Tax Breaks
By Michael Cohn
November 20, 2009
House Ways and Means Committee Chairman Charles Rangel, D-N.Y., intends to introduce legislation next month that would keep a variety of tax breaks from expiring before the end of the year.
Instead of sending the bill through his committee, Rangel plans to dispatch the bill directly to the floor of the House, according to Bloomberg.com. There are about 73 tax provisions scheduled to expire by Dec. 31, including the credit for research and experimentation expenses, deductions for tuition and state and local taxes, film and TV production expensing rules, a deduction for contributions of food inventory, tax breaks for certain expenses by school teachers, and a host of other goodies.
The AMT patch probably wont be one of the expiring provisions included in the legislation Rangel will introduce, but the Recovery Act already included the patch for this year. Congress will be able to patch up the AMT once again next year to keep it from spreading to millions more taxpayers.
One of the most hotly anticipated questions is the estate tax. Currently the first $3.5 million of a persons estate is exempted from the tax, and then the estate is taxed at up to 45 percent for estates valued at $7 million or more. Next year, the tax will temporarily go away, only to return with a vengeance in 2011, when it tops out at 55 percent on estates valued at over $1 million. The legislation may include a permanent estate tax provision, but thats far from a done deal at this point.
Woops! Financing loss on starboard bow!
Adjustments required. Out two captains (Pelosi and Reid) need a new plan possibly.
Oh, that right they already passed other ‘new’ taxes any way.
Two pea-brains of a pod. Their taxes will only retard economic activity which will result in a decrease of revenue to The Treasury which will only make horrendous deficits even worse.
Morons. They couldn't "captain" the S.S. Minnow.
Invest in what Charlie invests in. That’s the best way to maximize your tax breaks.
With the $3.5M exemption from federal estate tax going to unlimited next year then back to $1M in 2011 - look for some heroic life prolonging efforts on very wealthy people in the next 40 days, and some very suspicious premature deaths of very wealthy people at the end of 2010.
Should I cheat on what Charlie cheats on? I could hide a bunch of loot.
there should be NO death tax....screw the government making money that should go to the family....this is why people hate them all...