The gift that keeps on giving

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The new temporary repeal of the Bush tax cuts was just that -- right? Not really... From Yahoo/Associated Press:
New tax law packed with obscure business tax cuts
The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands.

There is even a tax break for people who buy race horses.

Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes.

The business tax breaks are part of sweeping legislation that extends Bush era tax cuts for families at every income level through 2012. Obama signed the $858 billion measure a week ago. It also provides a new payroll tax cut for wage earners and extends jobless benefits to the long-term unemployed.

Most of the business tax breaks � about 50 in all � are part of a package that expires each year, creating uncertainty for tax planners but lots of business for lobbyists. Many of these tax breaks have been around for years but expired at the end of 2009 because lawmakers couldn't agree how to pay for them.

The new law extends most of them through 2011, some through 2012. They will be paid for with borrowed money.
Just wonderful -- the business that can afford to hire lobbyists get the breaks and us working schlubs who cut 24 paychecks twice/month get nada. Representational government my ass...

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This page contains a single entry by DaveH published on December 24, 2010 8:29 PM.

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