Skip to comments.Highlights of Senate Measure Extending Tax Breaks
Posted on 08/03/2012 11:04:44 AM PDT by Son House
Highlights of $205 billion Senate Finance panel measure extending tax breaks for individuals and businesses:
_Alternative minimum tax: Extends for 2012 and 2013 relief from the alternative minimum tax for middle- and upper-income taxpayers. Cost: $132 billion.
_Sales tax deduction: Extends through 2013 the deduction for state and local sales taxes in states without an income tax. Cost: $4 billion.
_Tuition tax deduction: Extends a tax deduction of up to $4,000 for college tuition and related expenses. Cost: $4 billion.
_Wind production tax credit: Extends and broadens to other renewable energy sources a 2.2 cent-per-kilowatt hour tax credit for wind electricity production. Cost: $12 billion.
_Research and development: Extends through 2013 a tax credit for business investments in research and development. Cost: $14 billion.
_Small business "expensing": Extends through 2013 the ability of small businesses to write off purchases of equipment. Cost: $2 billion.
_Energy-efficient appliances: Extends tax credits to manufacturers of energy-efficient dishwashers, refrigerators and washing machines. Cost: $650 million.
Not only are these tax “breaks” worthless, but how does letting us keep our own hard-earned money “cost” us anything?
The AP is truly “All Propaganda”.
The sales tax break prevents unfair overtaxation of states without income taxes.
The rest should go and rates lowered instead.