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Morning Bell: Happy Tax Year!
Posted By John Ligon On January 1, 2010 @ 9:00 am In Ongoing Priorities | Comments Disabled
While millions of Americans are more than ready to put 2009 behind them, they should know that Congress failed to reauthorize dozens of tax breaks for individuals and businesses before the Members scurried home for the Holidays. These “expiring provisions” affect every American in one way or another as individuals or businesses. By allowing them to lapse, Congress has enacted tax increases at time when these taxpayers can least afford it.
The House has passed legislation (H.R. 4213) that would have extended 63 current tax provisions, but the Senate failed to bring this bill to a vote. Thus, all of these provisions expired at midnight last night. Notable provisions as reported today by Tax Notes include:
Although the House has acted and passed its version of the Tax Extenders Act of 2009, the Senate failed to act on similar legislation, as a result the following additional key tax provisions will expire:
The Senate has had a lot on its plate this year. But it is still unacceptable that they have stalled on the chance to extend these tax provisions that affect every American. By allowing these tax provisions to expire, taxes will rise on many individuals and businesses , and for some of these groups, a punitively steep tax hike.
At the very least, we hope for a New Year’s Resolution from Congress that it acts swiftly in 2010 on passing legislation to amend and extend tax laws that assist every American individual and business which will lead to a stronger, robust economy.
Even better, would be if Congress reformed the entire tax code and brought us a tax system based on one rate, applied once to all income, and in a form every taxpayer can understand. However, that may be asking too much in one New Year’s Resolution.
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URL to article: http://blog.heritage.org/2010/01/01/morning-bell-happy-tax-year/
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 taxes will rise on many individuals and businesses: http://www.heritage.org/Research/Taxes/wm2722.cfm
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