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  1. #1
    Senior Member JohnDoe2's Avatar
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    Massive tax package offers breaks for just about everyone

    Massive tax package offers breaks for just about everyone

    By STEPHEN OHLEMACHER 20 hours ago



    WASHINGTON (AP) — From finance companies and manufacturers to teachers and the working poor, there is a tax break for almost everyone in the massive package unveiled by congressional leaders.

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    But don't get too excited. Only a few of those breaks are new.
    Most have been around for years — even decades — and are renewed every year or two, but only temporarily. More than 50 of the tax breaks expired at the start of the year.

    The package would make more than 20 of them permanent, providing certainty to millions of businesses and individuals.

    The other breaks would be extended for shorter periods.


    The bill would save taxpayers about $680 billion over the next decade, adding that amount to the national debt, according to congressional estimates.


    The tax bill, as well as a government spending package also unveiled this week, takes several swipes at the IRS, limiting the agency's ability to issue new rules for tax-exempt groups.


    Business leaders have been complaining for years that they can't be certain from year to year that their tax breaks will be renewed.


    "I cannot tell you how many times I've visited with small businesses and farmers who tell me, 'Give me some certainty in the tax code and I can go create jobs,'" said House Speaker Paul Ryan, R-Wis. "I'm excited about this huge win for families, for job creators, for certainty for our economy. I really think this is going to help us grow our economy."


    "It's a significant tax relief measure and of course you know how Republicans like to cut taxes," said Senate Majority Leader Mitch McConnell, R-Ky.


    House Minority Leader Nancy Pelosi, D-Calif., said the package costs too much and favors businesses over families.

    "In my view this is practically an immorality in terms of what it does, how it damages the future," Pelosi said Wednesday.

    The White House indicated that President Barack Obama would sign the bill.

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    "We are pleased that the deal will permanently extend tax credits that help working families make ends meet and pay for college, benefiting 24 million families a year," said White House spokeswoman Jen Friedman.

    The tax package was negotiated mainly by Republicans from the House and Senate and Democrats from the Senate. It is unclear how many House Democrats will support it.


    Ryan said the House will vote on the tax bill Thursday, sending it to the Senate.


    Funding for the IRS would go up only slightly next year, to $11.2 billion. That's about $1 billion less than the agency received in 2010.


    Also, the spending bill would prevent the IRS from issuing new rules for tax-exempt political groups next year. The IRS has been working on new rules since 2013, when agency officials acknowledged that agents had inappropriately singled out conservative groups for extra scrutiny.


    IRS Commissioner John Koskinen has said the agency doesn't plan to finalize new rules for political groups until after next year's presidential election,


    The tax package would let people who live in states without income taxes continue deducting local sales taxes when they file their federal returns. College students could keep their $2,500 tax credit for school expenses. Low-income people with three or more children could continue to claim a larger Earned Income Tax Credit.


    Families that don't make enough money to pay federal income tax could continue to claim larger child tax credits.


    Teachers could continue to deduct up to $250 a year if they spend their own money on classroom supplies and commuters could keep getting tax-free transit benefits from their employers.


    Business groups praised the package, which would continue generous tax breaks for international finance firms, retailers and companies that spend a lot on research and development.

    The generous R&D tax credit has been around since the 1980s, but it has always been temporary. The bill would expand it and make it permanent. The provision would save businesses $113 billion over the next decade, making it the single biggest tax break in the package.

    Several provisions allow businesses to more quickly write off expenses for buying computers or equipment or to finance property upgrades. These provisions are important to restaurants and retailers.


    Others make it easier for businesses and retirees to make tax-free charitable donations.


    Still others encourage the use of alternative energy, including a tax credit for producing energy from wind.


    Many of the tax breaks are obscure, including ones that benefit race horse owners, film producers and rum makers in Puerto Rico and the Virgin Islands.


    Sen. Ron Wyden. D-Ore., has long championed a tax break for companies that make electric motorcycles (Oregon-based Brammo makes them). House Republicans killed the tax break last year after they blamed Wyden for helping to nix negotiations over a similar tax package.


    The tax break would be revived and extended through 2016 in the new package.

    http://news.yahoo.com/massive-tax-pa...162120680.html

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  2. #2
    Senior Member Judy's Avatar
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    Ah yes, our evil income-based tax system still at work destroying our country.
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    Senior Member johnwk's Avatar
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    Paul Ryan introduces traitorous spending bill after 2am in the morning.

    See: Jeff Sessions: Paul Ryan's Omnibus Spending Bill Explains "Why Voters Are In Open Rebellion"

    December 16, 2015

    ” In the dead of night after 2am this morning, Congressional leadership unveiled a more than 2,000 page 'omnibus' year-end funding bill which would, among other things: fully-fund the President's refugee expansion; fully-fund sanctuary cities; fully-fund the resettlement of illegal aliens youth and their families crossing the border; lock-in tax credits for illegal aliens; and quadruple the highly controversial H-2B foreign worker visa being used to replace Americans as truck drivers, construction workers, theme park employees, and in blue collar jobs across the nation.”

    This traitorous spending bill cooked up by Paul Ryan and his un-American pals on Capitol Hill is sufficient cause for loyal Americans in the House to immediately challenge Paul Ryan’s speakership. And any member of Congress, Republican or Democrat, which votes to pass this notoriously evil bill needs to be primaried this coming election and gotten rid of just like Eric Cantor was kicked out of the House for his evil doings, but has since been rewarded for his un-American activities with a $3.4 Million Job on Wall Street.

    Those of us who warned the “Freedom Caucus” and naïve “conservative” talk show hosts that Ryan was a snake, have been vindicated by this treacherous act of evil. The question is, will any members of the House unite in removing this snake from the Speakership?

    JWK





    Members of Congress who supported Paul Ryan as Speaker of the House supported our Global Governance Crowd and their FAST TRACK, WTO, NAFTA, GATT, CAFTA, and the Trans-Pacific Partnership deal, all used to circumvent America First trade policies, while fattening the fortunes of international corporate giants who have no allegiance to America or any nation.


  4. #4
    Senior Member Judy's Avatar
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    We need to pass the FairTax Act of 2015 and end this disastrous income-based tax system that pits businesses against citizens and consumers and allows foreign interests and globalists to buy up our politicians over tax issues.

    HR 25 in the US House of Representatives and S 155 in the US Senate.

    Make it happen or live quietly with the consequences.
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    Senior Member johnwk's Avatar
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    The Fair Share Balanced Budget Amendment

    Quote Originally Posted by Judy View Post
    We need to pass the FairTax Act of 2015 and end this disastrous income-based tax system .

    Judy, contrary to popular belief, the FairTax Act of 2015 does not withdraw Congress' power to lay and collect taxes calculated from profits, gains, salaries and other incomes. However, The "Fair Share Balanced Budget Amendment" would if adopted!


    JWK


    If, by calling a tax indirect when it is essentially direct, the rule of protection could be frittered away, one of the great landmarks defining the boundary between the nation and the states of which it is composed, would have disappeared, and with it one of the bulwarks of private rights and private property. POLLOCK v. FARMERS' LOAN & TRUST CO., 157U.S. 429 (1895)

  6. #6
    Senior Member Judy's Avatar
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    Quote Originally Posted by johnwk View Post
    Judy, contrary to popular belief, the FairTax Act of 2015 does not withdraw Congress' power to lay and collect taxes calculated from profits, gains, salaries and other incomes. However, The "Fair Share Balanced Budget Amendment" would if adopted!


    JWK


    If, by calling a tax indirect when it is essentially direct, the rule of protection could be frittered away, one of the great landmarks defining the boundary between the nation and the states of which it is composed, would have disappeared, and with it one of the bulwarks of private rights and private property. POLLOCK v. FARMERS' LOAN & TRUST CO., 157U.S. 429 (1895)
    Yes, I realize that, johnwk. We would need to repeal the 16th Amendment to withdraw Congress' power to do that, however, if Congress passes the FairTax, all taxes calculated from profits, gains, salaries and other incomes would be eliminated and replaced with the national sales tax.

    Yes, I understand that until the 16th Amendment is repealed, then there is always the possibility that Congress might impose another income tax on something. I believe the American People and the States will be so happy with the FairTax, that I am not concerned with this issue, however, the FairTax legislation, HR 25 in the US House of Representatives and S 155 in the US Senate was changed to add a Sunset Provision in 7 years from the implementation date, so that it expires if States haven't repealed the 16th Amendment in 7 years, which would then require either an extension of the Sunset Provision, an Amendment to the FairTax Act, or termination of the FairTax if that's what the people want to do.

    Personally, I was opposed to the Sunset Provision, but "conservatives" wanted to prolong the agony of the income tax by complaining that if we didn't repeal the 16th Amendment first, we could end up with both the national sales tax and an income tax, which is true, but most unlikely, because once this evil income tax is gone, no candidate for public office will ever win an election wanting to revive the federal income tax.

    The FairTax is a like a tariff, perfectly legal and constitutional. No rights or freedoms, no privacy or civil liberties are violated, no one's income is stolen, no one is forced to pay it, only those who choose to purchase new goods and services at the final point of retail sale at levels above the Household Consumption Allowance actually pay it anyway, because they can use the Rebate if they wish to the FairTax on essentials up to the HCA, so for me, it is the perfect tax system for the United States.

    I'm not enamored with the concept of "fair share" of anything. That is a socialist/communist notion. Free Choice to buy or not to buy, to pay or not to pay, and when you choose you pay the same as everyone else, those are the concepts with which my vision of liberty is enamored and upon which the notion of "fair" is defined in our language.

    Last edited by Judy; 12-17-2015 at 04:13 PM.
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  7. #7
    Senior Member johnwk's Avatar
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    Quote Originally Posted by Judy View Post
    Yes, I realize that, johnwk. We would need to repeal the 16th Amendment to withdraw Congress' power to do that, however, if Congress passes the FairTax, all taxes calculated from profits, gains, salaries and other incomes would be eliminated and replaced with the national sales tax.
    The FairTax does not withdraw Congress' power to lay and collect taxes calculated from profits, gains salaries and other lawfully earned incomes. H.R. 25 is a Hoax being perpetrated upon the American People.

    JWK



    Are we really to believe the founder of fairtax.org., Leo E. Linbeck Jr. and Herman Cain, both former ringleaders of the federal reserve banking cartel which plunders ournational treasury?

  8. #8
    Senior Member Judy's Avatar
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    It's so sad that people just can't get their heads around the truth. The income tax is why we have a federal reserve, so anyone who wants to get rid of the income tax is not in anyway a "ringleader" of the federal reserve banking cartel "plundering our treasury". We are the ones trying to end the federal reserve and the plundering by ending the income tax upon which it depends. And for you or anyone else to call a national retail sales tax a "hoax" being perpetrated upon the American People is insanity. 45 States already collect retail sales taxes and no one whines about their liberties or hoaxes or anything else negative about those!! And under the FairTax, the States collect the FairTax from retail businesses the same way as they collect state sales taxes.
    Last edited by Judy; 12-17-2015 at 04:49 PM.
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  9. #9
    Senior Member johnwk's Avatar
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    Quote Originally Posted by Judy View Post

    And for you or anyone else to call a national retail sales tax a "hoax" being perpetrated upon the American People is insanity. .
    What I actually wrote was:


    "The FairTax does not withdraw Congress' power to lay and collect taxes calculated from profits, gains salaries and other lawfully earned incomes. H.R. 25 is a Hoax being perpetrated upon the American People."
    JWK



    Are we really to believe the founder of fairtax.org., Leo E. Linbeck Jr. and Herman Cain, both former ringleaders of the federal reserve banking cartel which plunders ournational treasury?

  10. #10
    Senior Member Judy's Avatar
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    Quote Originally Posted by johnwk View Post
    What I actually wrote was:


    "The FairTax does not withdraw Congress' power to lay and collect taxes calculated from profits, gains salaries and other lawfully earned incomes. H.R. 25 is a Hoax being perpetrated upon the American People."
    JWK



    Are we really to believe the founder of fairtax.org., Leo E. Linbeck Jr. and Herman Cain, both former ringleaders of the federal reserve banking cartel which plunders ournational treasury?
    HR 25 is the repeal of the Internal Revenue Act and the elimination of all income-based taxes that replaces this revenue with a national retail sales tax. Did you not know that HR 25 eliminates the income tax and replaces it with a national retail sales tax?
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