Tax proivisions that have already expired
The first time home home buyers credit-Up to $8000 for indvduals on qualified official extended duty outside the U. S. expired June 30, 2011, This was an extension of the FTHBC whicxh expired in 2010 for military personel.
Other tax provisions that expired Dec. 31, 1911
Non business energy tax credits of up to $500 for the installation of energy saving home improvements
Electric drive vehicle tax credits
Educator expense deduction- adjustment to income of $250 for grade K-12 educators
Qualified mortgage insurances premiums deductions
Deduction for state and local sales tax
Tuitiion and fees adjustment to income deduction of up to $4.000
Qualified chartable contributions-tax free rollovfers of up to$1000,000from IRA"S to q1ualified chartable orginizations is noi longer available (Inasmuch as conservative republicans have been proven to contribute to charity at a significantly higher $ level than democrats, the main efect of this will fall on to conservatives)
The work opportunit tax credit which was an incentive for people to eek gainful employment has expired
The research and development tax credit which was to encourage business to research ways to improve their products to benifit the general populace will also expire
The section 179 maximum dectuction on the purchase of qualified business equipment will be substantialy decreased
The alternative minimum tax patch provision has expired- this will increase the income tax liability of over 30 million middle class taxcpayers.
The Democrat position on these tax proivisions is that they wll ot alloow them to be extended unless there ar substantial increases in business activities which will oly incresethecost of doing business which will increase prices for everyone to purchase the necessities of life.
BE PREPARED TO OPEN YOUR PERONAL POCKET BOOKS TO MORE DEMOCRAT CREATED INCREASES TO LIVING IN THE U. S.
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