Inevitably, the attention of the House and Senate will return to so called "extenders" or tax breaks that are extended each year to benefit some segment of taxpayers. I am curious as to which of these you believe should be extended, or allowed to expire. I've listed some of these, and the projected cost of the extensions.
1. Teachers expense credit: A $250 credit for primary school educators as a reimbursement of their out of pocket expenses they use for the classroom. Cost: $450 million.
2. Accelerated Depreciation Schedule for Businesses. Allows businesses to immediately expense equipment that would otherwise have to be spread out over years. Initiated in the last recession in order to encourage business purchases. Cost: $90 billion
3. Tax Break for Theatrical Productions. Initiated to put Broadway on the same footing as film and tv productions. cost: 2 million
4. Multinational Bank Interest and Fee Deferrals. Allows some banks to defer taxes on fees and collected interest. Cost: 13.4 billion
5. Acceleration of depreciation for race horses: Cost: 160 million
6. Tax Break for Corporate Research and Development: 22 billion dollars
7. House debt write off: Homeowners whose debt for house has been written off do not have to declare that write off as income. Cost: 5 billion
8. Wind energy production credit: Tax credit for wind energy production. Cost: 10 billion.
Total cost of these and others? About 85 billion a year or so. How many of these should be allowed to expire?
http://www.politico.com/agenda/story/2015/10/congress-85-billion-extenders-tax-breaks-000283
1. Teachers expense credit: A $250 credit for primary school educators as a reimbursement of their out of pocket expenses they use for the classroom. Cost: $450 million.
2. Accelerated Depreciation Schedule for Businesses. Allows businesses to immediately expense equipment that would otherwise have to be spread out over years. Initiated in the last recession in order to encourage business purchases. Cost: $90 billion
3. Tax Break for Theatrical Productions. Initiated to put Broadway on the same footing as film and tv productions. cost: 2 million
4. Multinational Bank Interest and Fee Deferrals. Allows some banks to defer taxes on fees and collected interest. Cost: 13.4 billion
5. Acceleration of depreciation for race horses: Cost: 160 million
6. Tax Break for Corporate Research and Development: 22 billion dollars
7. House debt write off: Homeowners whose debt for house has been written off do not have to declare that write off as income. Cost: 5 billion
8. Wind energy production credit: Tax credit for wind energy production. Cost: 10 billion.
Total cost of these and others? About 85 billion a year or so. How many of these should be allowed to expire?
http://www.politico.com/agenda/story/2015/10/congress-85-billion-extenders-tax-breaks-000283
