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Highlights of Senate Measure Extending Tax Breaks
WTOPfm ^ | 8/2/2012 | Associated Press

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.


TOPICS: Business/Economy; Front Page News; News/Current Events; Politics/Elections
KEYWORDS: extending; highlights; senate; tax
These are worthless "tax breaks", no rates will be reduced, when will Republicans stand up to this blarney?
1 posted on 08/03/2012 11:04:51 AM PDT by Son House
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To: Son House

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”.


2 posted on 08/03/2012 11:17:34 AM PDT by Westbrook (Children do not divide your love, they multiply it.)
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To: Son House
The AMT is a fix as a result of bracket creep.

The sales tax break prevents unfair overtaxation of states without income taxes.

The rest should go and rates lowered instead.

3 posted on 08/03/2012 11:25:01 AM PDT by Skulllspitter
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