Posted on 11/27/2014 5:46:45 AM PST by SES1066
How could a major tax deal brokered by the top Senate Democrat die so quickly at the hands of a Democratic president?
Snip
Until late last week, Senate Finance, Ways and Means and leadership met regularly and were making progress on the package of tax breaks known as tax extenders. The group of some 55-plus tax breaks have expired, and many lawmakers in both parties want to renew by the end of the year, amid warnings from the IRS that failing to act would disrupt the upcoming tax filing season. They include everything from a major business research credit to one for teachers to be reimbursed for buying supplies.
(Excerpt) Read more at politico.com ...
As a seasonal tax preparer for a major firm, this is all bad news to me. With the new GOP Senate coming in, this major snit-fit is VERY LIKELY to cause multiple iterations of bills and veto (threats) just at tax time. My personal guess at this time is that either we stay with current law and lose a lot of these EXPECTED tax benefits in order to have timely IRS filing, or the IRS will NOT be accepting submissions until very late February or March!
UGLY! Who said "Elections have consequences?"
The GOP needs to push tax day to October.
If the bill is truly bipartisan they should have no trouble overriding a veto from the emperor, unless he has issued an EO outlawing them.
What the GOP really needs to do is abolish the criminal org euphemistically known as the IRS. And if they can’t get the balls to do that, at least remove the criminal bastards from overseeing the obamacare debacle.
All Federal Elections Shall be held on the Day Federal Taxes are Due, All Ballots Shall be Attached to IRS Form 1040.
According to the story it was bipartisan until the Earned Income Tax Credit and the Child Tax Credit were taken off the table. Up until then it's likely Obama could have vetoed the bill and have it overridden.
get to the last paragraph and it says likely nothing happens and they simply extend for a year. I enjoyed the article but the author went a long way to demonstrate that in the end nothing will change.
Yeah. October 2565.
Or, when hell freezes solid, whichever comes last.
Anything Propagandico publishes is automatically suspect.
Will someone explain how EITC involves "skin in the game"? These people don't pay anything. They get more back than they pay in. They don't have "skin in the game" because they are playing with our "skin" and couldn't care less if we lose more.
My plan would be you get one vote for each dollar of taxes PAID! Sorry Al Sharpton, no pay, no votes.....
“All Federal Elections Shall be held on the Day Federal Taxes are Due, All Ballots Shall be Attached to IRS Form 1040.”
Votes cast shall weighted by the amount of taxes paid (EITC doesn’t count).
Just as an example. If you pay $10,000 in taxes, your ballot will count as 10 votes. If you pay no taxes, your ballot will count as 1 vote. No individual ballot will count for more than 100 votes.
According to the story it was bipartisan until the Earned Income Tax Credit and the Child Tax Credit were taken off the table.
...
So the GOP is probably holding out for more payoffs for their cronies. I wonder if the bill is over 500 pages yet.
HOWEVER even that will require Legislative action as all of those provisions have already EXPIRED! With the GOP Senate, the urge will be to try to put Obama on the record as VETOing these favorable tax provisions that will be marked as taking effect on 01/01/2014 (post facto). If this circus happens, the IRS will hold everything in abeyance until the smoke clears.
Simple, even this is NOT!
He along with Schumer ("Obamacare bad") are drawing the right lesson from the Nov. election.
I thought there'd be enough Senate Democrats to do so, and march up to the White House and tell Obama that the jig is up. Like the Repubs did to Nixon.
But apparently not.
BTW I'm still waiting for the IRS to realease the Obamacare penalty form.
What Tax Breaks Expired, Changed, or Were Added by the IRS?
List Of Expiring Federal Tax Provisions 2013-2024 [Joint Committee on Taxation, downloads a pdf]
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