8 tax breaks set to disappear today unless Congress extends them.

[madfloridian]

From CNN Money:

Dozens of popular tax breaks are on the verge of disappearing.

These seem to me to be related to ordinary working class people.

1. Tuition and fees: A deduction for tuition and fees of up to $4,000 is currently available to parents and students paying for college. More than 2 million taxpayers claimed this break in 2010, saving more than $4 billion, according to the most recent data available from H&R Block.

2. Teachers' expenses: The Educator Expense Deduction aims to help teachers cover the cost of classroom supplies like notebooks, pens and paper that their school doesn't reimburse them for. Elementary and secondary school teachers can qualify for deductions of up to $250 per year, even if they don't itemize.

3. Mortgage insurance premiums: Currently, homeowners are able to deduct their mortgage insurance premiums as residence interest. About 4.2 million taxpayers claimed the tax break in 2010, deducting a total of $5.6 billion in mortgage insurance premiums, according to H&R Block.

..... 8. Mortgage debt forgiveness: A tax break that has been in effect since 2007 allows struggling homeowners to exclude any debt forgiveness they were granted from a bank when calculating their taxable income.

For the more than 6 million Americans who still owe more on their loans than their homes are worth, the expiration of this tax credit Jan. 1 is bad news.

The 4 others involve commuters who take mass transit, energy efficiency, donations through an IRA, and state and local taxes.

[NYC_SKP]

1. Yeah, fuck teachers. How dare they want a deduction for paper and pencils and other supplies.

So they're ending the paltry $250 deduction?

Hell, my girlfriend probably spends close to that every month or two.

Crap.

Happy New Year, mad!

[madfloridian]

3. And Happy New Year back to you.

Yep, they gotta stop those teachers from even getting back $250. Lordy I hate to think how much I spent.

Happy New Year



From HD Wallpapers site

[hfojvt]

9. I was kinda surprised by how much they estimated that cost

I mean it is only a $250 deduction which would only save about $75 in taxes even if you were paying at the top rate.

Yet they estimate that reduced Federal tax revenues by $164 million.

See the footnote here.
http://ctj.org/pdf/fiscalcliffdealrevenueimpacts.pdf

The tuition deduction costs about $700 million a year, and I bet it is mostly higher income households who benefit.

H&R says two million. Yeah, that is out of 115 million tax filers. Less than 2% of the population. You know, the ones wealthy enough to not need student loans.

[Igel]

11. Can't find the #s you cite.

They're probably projected over a 10-year period. It helps to mask what's actually happening next year with unrealistic plans for 8, 9, 10 years out. The number makes no sense over one year; over 10 years, it's not so unrealistic. I'm betting pretty much every teacher takes that deduction (and I was annoyed when I taught college classes that it wasn't available for post-secondary teachers).


I was one of the people who claimed the tuition tax credit in 2009. Maybe 2010 as well, I'd have to check. My tuition/fees amounted to a few thousand dollars at a community college that was offering a post-bac teacher certification program. $3000 we could afford without going through the entire student loan route.

IIRC, there's some sort of lifetime restriction on one program, and I think (but amn't sure) that the other is means tested. (I also think I'll start trying to get the cibtractuib "amn't" into common use.)

[hfojvt]

24. no, they break it down by year

you need to click one of the links in the footnote, but then it automatically downloads an XLR file (which is why I did not include THAT link).

It still seems to be a tax break for very few people, percentage wise, and probably higher income, but it will be very hard to get data on that last guess.

[WowSeriously]

13. Actually, when getting student loans, which do for my two children,

Parents are still expected to contribute a certain amount to the cost of education. I use those deductions, because will also be saddled with 90% of the loan. I don't know where the idea came that students are dramatically in debt, but my wife an I so far have amassed $250,000 in student loans, with my two children having about 15k each of their own loans.

These loans, and ONLY these loans, can never be discharged in bankruptcy. And if you don't pay, the government will garnish your Social Security when it comes time to collect.

[tjl148]

18. Teachers

I'm thinking the NEA will have a strong response to this.

[madfloridian]

20. Not going to hold my breath.

[Patiod]

22. Philadelphia schools no longer provide school supplies

Our tiny Friends Meeting adopted ONE classroom because the teacher is a friend of someone in the meeting.

Anything we don't give comes out of the teachers' pockets.

These are some screwed up priorities.

[tjl148]

25. Same in Florida

The kids take supplies with them the first day of school and our church has adopted a school and helps with supplies.

[GoneFishin]

2. I was hoping one of them was the free $4 billion dollars cash to GE tax break.

Silly me.

[madfloridian]

5. False hope. Ain't gonna happen.

Unfortunately.

They have to make sure the little folks don't have any tax breaks though.

[n2doc]

4. Funny how these all affect ordinary people

Funny, that. I don't see anything like "ending preferential treatment for carried interest" and the like...

On edit: Here's a list that would be worth working on....

http://www.salon.com/2013/04/12/10_tax_dodges_that_help_the_rich_get_richer_partner/

[madfloridian]

7. Thanks for the link.

Yep they all affect us ordinary people.

[tjl148]

16. Donations

I sure am glad there is no correlation between political donations and what goes into the tax law. I'd be real cynical if there was.

[jsr]

27. +1.

[progressoid]

6. Hey, somebody has to pay for those unwanted tanks and cargo carriers.

Might as well be me! I'm swimming in MONEY!!!111!!

[sakabatou]

8. I'm not holding my breath

[Gman]

10. So I'm sure Exxon kept their tax breaks

Those breaks won't be ignored.

[jtuck004]

12. So 200 million of us sit and watch these go away, and a few thousand people, Mi$$ RobMe, and now

Timothy Geithner among them, get a break on the profits they make from getting rid of our jobs in private equity deals, like the recent closing of Dominicks Groceries, or the jobs they got rid of at Simmons mattress, or thousands of other of our neighbors they fired, with the profit being taxed at only 20% instead of the 39% you or I would pay on income. And it is that tax deduction that makes it possible, without which perhaps those people would still be at the jobs they held for 10.20. even 40 years before they were unceremoniously dumped out on their ass.

Because it's good for us to have 26 million people wanting the available 3.6 million jobs, they say. It depresses wages and keeps their economy strong.

It's public knowledge, yet we will go to work Thursday and send them more ammo in their war against us, and vote for the people that make it possible. And the people Malcom X would call House Negroes will run interference and make excuses for them, because saving their Master's house is more important than saving their own, or their neighbors. (He describes them in this speech)


Happy New Year everyone.

[tjl148]

14. +1 nt

[dchill]

23. Yep. Right on. +1

[fascisthunter]

15. yup..and they will

But man..when it comes to the hoarder class....this shill of a government bends over backwards to please.It's all the contrast you need.

[mountain grammy]

17. Well, thank God I can still deduct my private jet.. because freedom.

Just in case:

[madfloridian]

19. I would laugh...

but it's too close to the painful truth about this country now.

[Enthusiast]

21. Tax breaks are only for the disgustingly wealthy and corporations.

Thanks, madfloridian. Have a happy and prosperous New Year.

One would think the politicians would try to help those in need but apparently they have no empathy.

[Gothmog]

26. State and Local taxes affect me

I live in a state without an income tax and so this is a major issue for me. From the article cited in OP

4. State and local sales tax: In states without an income tax, like Florida and Alaska, taxpayers have been able to deduct state and local general sales taxes instead of taking the income tax deduction -- but that won't be an option next year unless Congress intervenes.

In 2010, 57 million taxpayers claimed more than $16.4 billion in deductions this way.

If you live in a state without an income tax and are planning to make a big purchase next year, you may want to do it before the end of 2013 instead, said Rosica. That way, you can claim this deduction before it expires.

[K lib]

28. Where are the repukes?

you know the ones always crying about lowering taxes. oh right they only care about the tax cuts for the rich.

[bvar22]

29. AND...not a single one of these "breaks" affect the RICH and CONNECTED.

Last edited Tue Dec 31, 2013, 07:55 PM - Edit history (1)

Every single one listed in the CNN Report is a tax break that helps the struggling and fast disappearing Working Class.

Coincidence?

Wealthy win lion's share of major tax breaks
http://www.boston.com/business/news/2013/05/29/wealthy-win-lion-share-major-tax-breaks/Ua0UyYle21EUXub7g1suCI/story.html

US Wealthy Have Biggest Piece of Pie Ever Recorded
http://www.commondreams.org/headline/2013/09/11-6

Rates of unemployment for families earning less than $20,000 - have topped 21 percent
http://hosted.ap.org/dynamic/stories/U/US_JOBS_GAP_RICH_AND_POOR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-16-08-11-23

Study: "Trade" Deal Would Mean a Pay Cut for 90% of U.S. Workers
http://citizen.typepad.com/eyesontrade/2013/09/the-verdict-is-in-the-trans-pacific-partnership-tpp-a-sweeping-free-trade-deal-under-negotiation-with-11-pacific-rim-coun.html

Obama Appoints Bain Capital Consultant Jeff Ziets to Top Post
http://www.democraticunderground.com/10023662209

Obama selects former Monsanto lobbyist to be his TPP chief agriculture negotiator
http://www.democraticunderground.com/10023662210

The Totally Unfair And Bitterly Uneven 'Recovery,' In 12 Charts – HuffPo
http://www.democraticunderground.com/10023662029

Larry Summers Gets 'Full-Throated Defense' From Obama In Capitol Hill Meeting
http://www.democraticunderground.com/1014553343#post1

Wall Street will get away with massive wave of criminality of 2008 - Statute of Limitations
http://www.democraticunderground.com/10022516719

Income gap widest ever: 95 Percent of Recovery Income Gains Have Gone to the Top 1 Percent
http://www.slate.com/blogs/moneybox/2013/09/10/one_percent_recovery_95_percent_of_gains_have_gone_to_the_top_one_percent.html

Older Workers:.Set Back by Recession, and Shut Out of Rebound
http://www.nytimes.com/2013/08/27/booming/for-laid-off-older-workers-age-bias-is-pervasive.html?smid=tw-share&_r=3&

These things do not happen by "coincidence".
This is the result of carefully planned and implemented Economic Policy.
It requires careful preparation, marketing, High Priced LOBBYING (bribery), buying the right politicians, message control, courts packed with Conservative Corporate Rights Judges, and the marginalization and suppression of any opposition.



You will know them by their WORKS,
not by their promises or excuses.

[madfloridian]

30. What a great list, Bvar22. Saving it to refer to later.

Happy New Year.

[bvar22]

31. Thanks, MadFlo.

Always good to see ya!

Unfortunately, the list was very easy to come by.
I simply scanned Latest Breaking News for a couple of days,
and copied the links.
I actually edited down the list about 10 of the most recent betrayals.
The complete list would fill the page, and make too many Working Class DUers suicidal to see all in one place.

Have a Happy New Year!

[treestar]

32. I don't see them extending any of those

Consequences of elections.