Congress lets 55 tax breaks expire at year end, adding uncertainty for individuals, businesses

  • Article by: STEPHEN OHLEMACHER , Associated Press
  • Updated: December 30, 2013 - 11:35 AM

WASHINGTON — In an almost annual ritual, Congress is letting a package of 55 popular tax breaks expire at the end of the year, creating uncertainty — once again — for millions of individuals and businesses.

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mcleanmDec. 30, 1311:40 AM

"A series of tax breaks promote renewable energy, including a credit for power companies that produce electricity with windmills." This should expire permanantly

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markerminnDec. 30, 1311:55 AM

Yes, please simplify the tax system! What is it? Fourty five bagillion pages??? Only the lawyers and accountants benefit. Oh, there's lots of lawyers in congress. Coincidence? Not sure about accountants...

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markerminnDec. 30, 1311:56 AM

Yes, please simplify the tax system! What is it? Fourty five bagillion pages??? Only the lawyers and accountants benefit. Oh, there's lots of lawyers in congress. Coincidence? Not sure about accountants...

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Seawaves AheadDec. 30, 1312:05 PM

Current US tax policy is absurd. The rates are set very high, the US has the highest corporate tax rate in the world plus some of the highest individual rates, and then the Politicians reward taxpayers and/or their political friends for their behavior; can you say Solyndra. Low tiered flat rates with very few deductions and credits would make the system fair and transparent. I don't think those currently in power at both the Federal and State levels want transparency.

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crystalbayDec. 30, 1312:27 PM

"the US has the highest corporate tax rate in the world"...............Only on paper, sir. The fact is that 10 of the largest corporations pay zero to 3% of their profits for FIT. The loopholes, shelters, pass throughs, tax credits and countless deductions have made corp taxes far less than in any other countries.

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Seawaves AheadDec. 30, 1312:53 PM

crystalbay, that's the issue. The current system is neither fair nor transparent and those in power want to keep it that way. The published rate is one thing and you cite statistics describing something else. Why? Absurd tax policy created by politicians trying to force certain behaviors in taxpayers.

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adamskoglundDec. 30, 13 2:19 PM

By their own definition, isn't letting these breaks expire akin to raising taxes? Surely the Tea Party won't let this travesty stand! *cough*

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arspartzDec. 30, 13 3:04 PM

Low tiered flat rates with very few deductions and credits would make the system fair and transparent.

ONE tier, ZERO deductions. Every individual pays 5% from the first dollar.

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arspartzDec. 30, 13 3:08 PM

The fact is that 10 of the largest corporations pay zero to 3% of their profits for FIT.

The fact is that 47% of filers pay zero (or receive an undeserved refund) in FIT. These people VOTE, a corporation does not.

BTW: That's 47% of FILERS. Much of the retired population does not even have to FILE.

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rlwr51Dec. 30, 13 3:41 PM

"Some of the tax breaks are big .... generous exemptions for financial institutions doing business overseas ..." - - - - - - - - - - - - - - - - - - - > Why?

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