QUOTE
AP - Millions of entrepreneurs, teachers and parents with kids in college have a financial stake in whether Congress, in the dying hours of Republican rule, revives tax breaks that expired 11 months ago.
If Congress fails to act, teachers no longer will be able to deduct up to $250 for the books and supplies they pay for out of their own pocket.
Residents of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming — each without an income tax — will miss out on an average $1,500 deduction for state and local sales taxes.
Lawmakers have tried all year to renew the diverse mix of targeted tax breaks. Ironically, it is their popularity that has stalled passage.
The breaks, which expired last Jan. 1, enjoy wide support in both parties. Precisely because of this, lawmakers have sought to add them as a "sweetener" to contentious legislation in hopes of getting that legislation through.
Before the election, Republicans tried unsuccessfully to link the tax cuts to a bill that would reduce the estate tax, which most Democrats find unacceptable, and raise the federal minimum wage, which many Republicans dislike.
Lawmakers will make one more shot when they return this week to wrap up their work for the year. Yet they may not have the time or will to agree on a compromise.
Read Full Article...
If Congress fails to act, teachers no longer will be able to deduct up to $250 for the books and supplies they pay for out of their own pocket.
Residents of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming — each without an income tax — will miss out on an average $1,500 deduction for state and local sales taxes.
Lawmakers have tried all year to renew the diverse mix of targeted tax breaks. Ironically, it is their popularity that has stalled passage.
The breaks, which expired last Jan. 1, enjoy wide support in both parties. Precisely because of this, lawmakers have sought to add them as a "sweetener" to contentious legislation in hopes of getting that legislation through.
Before the election, Republicans tried unsuccessfully to link the tax cuts to a bill that would reduce the estate tax, which most Democrats find unacceptable, and raise the federal minimum wage, which many Republicans dislike.
Lawmakers will make one more shot when they return this week to wrap up their work for the year. Yet they may not have the time or will to agree on a compromise.
Read Full Article...