New tax law filled with holiday stocking stuffers for businesses, lump of coal for homeowners

[Better Believe It]

New tax law packed with obscure business tax cuts
By STEVE OHLEMACHER
Associated Press
December 25, 2010

The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: tax breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands. There is even a tax break for people who buy race horses.

Millions of homeowners, however, might feel like they got a lump of coal. Homeowners who don't itemize their deductions will lose a tax break for paying local property taxes.

Every year, taxpayers risk losing their favorite tax breaks, if they are not renewed. That's what happened to millions of homeowners. For 2008 and 2009, homeowners who didn't itemize their deductions were able to get an extra deduction - on top of the standard deduction - for paying local property taxes. Individuals could reduce their taxable income by as much as $500, couples could cut theirs by $1,000.

The provision, which has saved homeowners about $1.6 billion a year, expired for 2010 and was left out of the new tax law.

Read the full article at:

http://hosted.ap.org/dynamic/stories/U/US_TAX_CUTS_GOODIES?SITE=MAFIT&SECTION=HOME&TEMPLATE=DEFAULT

[niceypoo]

1. The good news just keeps a rollin' in

[soryang]

2. Another gift to the bankers!

"-An exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. through 2011. Cost: $9.2 billion.

The tax break is important to major multinational banks and financial firms, such as Citigroup, Bank of America, Goldman Sachs and Morgan Stanley, and to the financing operations of other international companies, Mathias said."

[Hello_Kitty]

3. Uh oh. This might actually affect some middle class white people.

Unlike the raise in taxes on the lowest paid workers which many here don't seem to care about.

[Better Believe It]

4. I think most of us here do care. I posted an article on that very issue.

Obama's tax cut "deal" will raise taxes for lower income workers who make less than $10 an hour.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9732746

[Hello_Kitty]

7. I know. I'm being sarcastic.

The loyalist squad immediately made excuses and told us to STFU.

[Sherman A1]

5. What Middle Class?

It's all gone.......

It's just the Wealthy and the worker bees.

[Better Believe It]

6. Many working class people who thought they were "middle class" now understand they are working class

[Sherman A1]

8. It's be gone for some 30 years.

Courtesy of Reaganomics......