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question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-27-06 11:56 PM
Original message
Tax Breaks May Not Get Extended
The Wall Street Journal

TAX REPORT
By TOM HERMAN

Tax Breaks May Not Get Extended

Congress Hasn't Revived Option to Deduct Sales Levy Or College Fees Deduction
September 27, 2006; Page D2

Congress appears likely to leave Washington later this week without having extended several popular tax breaks that expired at the end of last year. Among them is the option to deduct state and local sales taxes, instead of state and local income taxes. This is an especially important break for people in states with no state income tax, such as Florida, Texas, Nevada and Washington, as well as many people in other states with relatively low income taxes.

Lawmakers also haven't revived two other deductions claimed by millions of people: a deduction for college tuition and fees, and a separate deduction for elementary and secondary-school teachers and other educators.

Bipartisan support for extending all three breaks appears strong. But efforts to pass "extenders" legislation have gotten stuck in congressional quicksand because of lawmakers looking to attach them to more controversial legislation, such as estate-tax cuts and a minimum-wage increase.

(snip)

Even if Congress does renew the provisions later this year, some lawmakers and IRS officials warn that delaying action that long will create major headaches for taxpayers -- and the Internal Revenue Service. Waiting until November or December to act "will cause hardship, tax-compliance problems and confusion" for millions of people, says Senate Finance Committee Chairman Charles Grassley, an Iowa Republican. Because the provisions expired at the end of last year, the IRS's draft tax forms for 2006 don't include them. If Congress extends them, those forms will have to be revised, but because of deadlines with outside printers, the IRS is "running out of time," a Senate Finance Committee staff memo says.

(snip)


URL for this article:
http://online.wsj.com/article/SB115931369163274924.html (subscription)

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OrangeCountyDemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-28-06 02:30 AM
Response to Original message
1. Surprised?
I don't see what the problem is. These benefits didn't help the Upper class at all. They were primarily of value to low and middle income taxpayers. Anybody with a brain.....Brainwashed Kool Aid repubs excluded.....knows that these income groups are not their base, and certainly not the people they care about.

Besides, Amerikans are so happy about their 25 cent gas price reduction, that they won't even notice this. Most people in this country are MORONS, and the government knows that.

As I said. No problem at all.
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question everything Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-28-06 11:10 AM
Response to Reply #1
2. It would be nice of the Democrats could exploit it
but I doubt it.

There are so many topics that we can use... if only every candidate had a bit of Bill Clinton's spine.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-28-06 11:15 AM
Response to Reply #2
3. It would be nice to see the Democrats exploit a lot of things. nt
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