Tax deal doles out year-end goodies for NASCAR tracks, racehorses, college students
www.washingtontimes.com
Paul Ryan wrote the agreement with Sen. Orrin G. Hatch, Utah Republican and chairman of the Senate Finance Committee, and Sen. Ron Wyden of Oregon, the ranking Democrat on the Finance Committee.
"Millions of working families with children will not find themselves suddenly taxed into poverty. Millions of college students won't have the rug pulled out from under them when the tuition bill arrives. Charities can confidently plan and expand the good work they do. And small business and enterprises on the forefront of innovation now have the economic certainty they deserve," Mr. Wyden said.
Tax breaks on everything from racehorses and film productions to NASCAR racetracks to college tuitions and teachers' out-of-pocket classroom expenses are covered in the massive deal.
Also included is a permanent extension of the research and development tax credit, created by Congress in the early 1980s as a temporary boost to the slumping economy. It's been extended 16 different times, but the new bill writes it into the tax code for good.
And the agreement unravels one of the key tax increases in Obamacare, in a move budget watchdogs had long warned against, saying it would make the massive health overhaul a bad deal for taxpayers.
That provision is the so-called "Cadillac Tax," a 2.3 percent excise tax levied on high-value health plans. The tax was expected to particularly strike at the generous plans unions sometimes negotiated for their members in lieu of pay hikes.
Mr. Obama had fought for the tax, saying it was an important incentive to try to control exploding costs in the health care market, but Democrats in Congress, prodded by their union allies, linked arms with the GOP to impose a two-year delay on the Cadillac Tax, which was to go into effect in 2016.
© Copyright 2015 The Washington Times, LLC. Click here for reprint permission.
Here is the link.
PAUL RYAN TRILLION DOLLAR BABY http://www.sickbias.com/2015/12/paul-ryan-trillion-dollar-baby.html
https://m.facebook.com/story.php?story_fbid=1730413297194596&id=1461608194075109
