Sunday, April 6, 2014

Congress Does Something--Pushes $127 Billion in Tax Breaks

In a clear sign that Congress remains light years away from tax reform, the Senate Finance Committee on Thursday approved a bill to renew a grab-bag of tax provisions and loopholes that cost the Treasury billions of dollars annually and help a wide array of special interests, businesses and families. 
The tax breaks and credits cover not only corporate research and development, alternative and renewable energy and mass transit, but also major corporate land transactions, movie and TV production, NASCAR track operations and race horse owners. 
These dozens of tax credits have never been permanent in the federal tax code, but instead have been repeatedly granted temporary extension over the years, which is why they’re known on Capitol Hill as “tax extenders.”

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