2014 begins with $54 billion in tax hikes

[Geee]

Washington Times:

A final congressional stalemate in late December means the New Year’s expiration of a host of tax breaks, amounting to a $54.2 billion increase for green-energy businesses, teachers, homeowners, college students and others.

 

Businesses will take the biggest hit, with the disappearance Wednesday of a valuable research tax credit, subsidies for building wind turbines and incentives to make energy efficiency improvements to buildings.

 

Individuals will take hits, too. Those who pay college tuition will lose a tax credit, as will taxpayers who deduct state and local sales tax payments or who pay mortgage insurance. Teachers will lose a tax credit for buying classroom supplies. Some commuters no longer will get federal tax help for taking public transit to work.

 

That’s not to say the breaks are gone for good.

[SrWoodchuck]

:

A final congressional stalemate in late December means the New Year’s expiration of a host of tax breaks, amounting to a $54.2 billion increase for green-energy businesses, teachers, homeowners, college students and others.

 

Businesses will take the biggest hit, with the disappearance Wednesday of a valuable research tax credit, subsidies for building wind turbines and incentives to make energy efficiency improvements to buildings.

 

Individuals will take hits, too. Those who pay college tuition will lose a tax credit, as will taxpayers who deduct state and local sales tax payments or who pay mortgage insurance. Teachers will lose a tax credit for buying classroom supplies. Some commuters no longer will get federal tax help for taking public transit to work.

 

That’s not to say the breaks are gone for good.

 

Sweet @Geee!

 

 

Via iOTW