Congress letting 55 tax breaks expire at year’s end

by
December 31, 2013

Capitol
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.

Lawmakers let these tax breaks lapse almost every year, even though they save businesses and individuals billions of dollars. And almost every year, Congress eventually renews them, retroactively, so taxpayers can claim them by the time they file their tax returns.

No harm, no foul, right? After all, taxpayers filing returns in the spring won’t be hurt because the tax breaks were in effect for 2013. Taxpayers won’t be hit until 2015, when they file tax returns for next year.

Not so far. Trade groups and tax experts complain that Congress is making it impossible for businesses and individuals to plan for the future. What if lawmakers don’t renew the tax break you depend on? Or what if they change it and you’re no longer eligible?

“It’s a totally ridiculous way to run our tax system,” said Rachelle Bernstein, vice president and tax counsel for the National Retail Federation. “It’s impossible to plan when every year this happens, but yet business has gotten used to that.”

7 Comments - what are your thoughts?

  • Vincent W. Calhoun says:

    Don’t you understand? Obama is waging a real war against American business. His object is crush private enterprise completely so there is no independence anywhere, and there is no freedom!

  • ed28 says:

    The IRS is the Obamacare of taxes. Our Government is too big, too incompetent, too slow, too driven by minority special interest groups. It like our President just suck.

  • homer1057 says:

    IT IS “TIME” for the “Fair tax Act to be passed and the I.R.S. to be abolished! EVERYONE, no matter who they are should be required to pay TAXes! NOT just 52% of the population, and NOT just the rich etc there needs to be a 7 to 12% self-leveling “CONSUPTION tax ON all things consummed! the more consumed, the less the tax and the less consumed the more the tax to a max of 12%! IF 100% of the populace was paying tax, the burden would be less w/more tax money being collected! That would fix a lot od problems! also STOP paying Illegals and welfare for those that should work and stop EBT crap for those who don’t want to work etc Stop dollong out money for porn etc This can be done, but..will surely not be done…the “LOVE” of money is the “ROOT” of all evil 1 Tim 6:10 KJV

    1. greyhound44 says:

      Hola homer,’Paid mine, but never again!!!
      retired expat (10.4 years) MD!!!

    2. malibujd44 says:

      What the hell are you talking about porn? Government does not pay for porn. The porn business’ are major tax payers in this country. Did you know that the biggest sellers of porn are owned by mo’rons, I mean mormon family’s through the Hyatt and Marriott hotel chains.

  • greyhound44 says:

    Very COOL!!!
    Now all you idiot taxpayers will buy more for the N’s; Muslims; Illegal Aliens and white trash on Welfare; SNAPS: medicaid and the 80 other US federal give away scams!!
    retired expat (10.3 + years) MD

    1. floramae says:

      OH YES!!!

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