Delay on tax breaks affects millions

[Sapphire Blue]

Delay on tax breaks affects millions
By JIM ABRAMS, Associated Press Writer

WASHINGTON - Millions of entrepreneurs, teachers and parents with kids in college have a financial stake in whether Congress, in the dying hours of Republican rule, revives tax breaks that expired 11 months ago.

If Congress fails to act, teachers no longer will be able to deduct up to $250 for the books and supplies they pay for out of their own pocket.

Residents of Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming — each without an income tax — will miss out on an average $1,500 deduction for state and local sales taxes.

(snip)

Before the election, Republicans tried unsuccessfully to link the tax cuts to a bill that would reduce the estate tax, which most Democrats find unacceptable, and raise the federal minimum wage, which many Republicans dislike.

Continued @ http://news.yahoo.com/s/ap/20061202/ap_on_go_co/congress_taxes_2

[Fridays Child]

1. And what coercive measures have been tied to tax cuts for the rich?

[MadHound]

2. I would be suprised if this sees the light of day

Tax breaks for the poor and working class, never. Now if it was for the top twenty percent, they would be all over it. This is a chance where the Dems should actually jump in and do something, use the bully pulpit, etc.

Then next year they could come in and start reviving taxes like capital gains, and the estate tax so as to start getting us from under a pile of debt.