Friday, January 01, 2010

Happy Tax Year!

One thing 2010 will bring for sure: tax increases that affect everyone. Congress failed to reauthorize dozens of tax breaks, effectively raising taxes on every American. Nice gift for the new year, huh? And believe me, this is only the beginning. Among those breaks not renewed are:

■Deduction of state and local general sales taxes (section 164) (Personal Tax Incentives)
■Additional standard deduction, up to $500 for individuals and $1,000 for couples, for state and local property taxes (section 63) (Personal Tax Incentives)
■Research tax credit and alternative simplified credit (section 41) (General Business Tax Incentives)
■New markets tax credit (section 45D) (Community Assistance Provisions)
■Empowerment zone incentives (sections 1391 and 1202) (Community Assistance Provisions)
■Renewal community tax incentives (sections 1400E, 1400F, 1400I, and 1400J) (Community Assistance Provisions)
■District of Columbia Investment Incentives (sections 1400, 1400A, 1400B, and 1400C) (Community Assistance Provisions)
■Net disaster loss designation and $500 limit per casualty for personal casualty losses attributed to federally declared natural disasters (section 165) (General Disaster Relief Provisions)
■Expensing for qualified disaster expenses (section 198A) (General Disaster Relief Provisions)
■Biodiesel and renewable diesel incentives (section 40A) (Energy Incentives)
■Alternative motor vehicle credit for heavy hybrids (section 30B) (Energy Incentives)

The Senate may take up these provisions, but don't count on it. They're too busy cramming unwanted and disasterous Obamacare down the throats of Americans who have said loudly they don't want it.