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Sunday, January 01, 2012

Economics Education

Well there's a load of tax cuts which will be expiring shortly ... Because the President is playing political games ...

• temporary payroll tax cut
• work opportunity tax cut
• deduction for State and Local general sales taxes
• certain dividends of regulated investment companies
• construction of new energy efficient homes
• energy efficient appliances
• conversion credit for plug-in electric vehicles
• Deduction for certain expenses of elementary, secondary school teachers
• enhanced charitable deduction for contributions of food inventory
• enhanced charitable deduction for contributions of book inventories to public schools
• Enhanced charitable deduction for corporate contributions of computer equipment for educational purposes
• certain non-business energy property
• personal tax credits allowed against regular tax and AMT
• electric drive motorcycles, three-wheeled vehicles, and low-speed vehicles
• Alternate fuel vehicle refueling property
• expansion of adoption credit and adoption assistance programs
• alcohol fuels income tax
• alcohol fuel mixture excise tax credit and outlay programs
• income tax credits for biodiesel fuel
• income tax credits for renewable diesel fuel
• excise tax credits and outlay payments for biodiesel fuel mixtures
• excise tax credits and outlay payment for renewable diesel fuel mixtures
• tax credit for research and experimentation expenses
• placed-in-service date for facilities eligible to claim the refined coal production
• Indian employment tax credit
• new markets tax credit
• certain expenditures for maintaining railroad tracks
• mine rescue team training credit
• employer wage credit for active military reservists
• Increased AMT exemption amount
• grants for specified energy property in lieu of tax credits
• qualified zone academy bonds - allocation of bond limitation
• parity for exclusion from income for employer-provided mass transit and parking benefits
• treatment of military basic training housing allowances under low-income housing credit
• premiums for mortgage insurance deductible as interest that is qualified residence interest
• 15-year cost recovery for qualified business improvements
• 7-year recovery period for motor-sports entertainment complexes
• accelerated depreciation for business property on an Indian reservation
• additional first-year depreciation for 100% of basis of qualified property
• special rules for contributions of capital gains real property made for conservation purposes
• increase in expensing to $500k - $2m and expansion of definition of section 179 property
• election to expense advanced mine safety equipment
• special expensing rules for certain film and television productions
• expensing of "brownfields" environmental remediation costs
• deduction allowable with respect to income attributable to domestic production activities in Puerto Rico
• above-the-line deduction for qualified tuition and related expenses
• Tax-free distributions from individual retirement plans for charitable purposes
• special rule for sales or dispositions to implement Federal Energy Regulatory Commission
• modification of tax treatment of certain payments to controlling exempt organizations
• suspension of 100%-of-net-income limitation on depletion for oil and gas wells

71 in total ... And they all get expired TODAY

This of course all adds up to ...

Less money in our pockets

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