Similar Stories to From Racing To Rum, Things To Know About Year-end Tax Breaks on Bing News

WASHINGTON (AP) — It's December, when Congress typically passes a last-minute package of temporary tax breaks, sparing millions of businesses and individuals from unwanted tax increases just weeks before the start of filing season. Congress extends these tax breaks every year or two, usually in the final days, drawing complaints from business leaders tired of the uncertainty. The package would extend the tax breaks through the end of 2016, saving taxpayers $95 billion, which would be added to the budget deficit. Businesses big and small, commuters who use public transportation, teachers who spend their own money on classroom supplies and people who live in states without state income taxes. Among the biggest breaks for businesses are a tax credit for research and development and an exemption that allows financial companies such as banks and investment firms to shield foreign profits from being taxed by the U.S.

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CNN, Sunday - 04/28/2024 - 01:02 PM
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Similar Stories to From Racing To Rum, Things To Know About Year-end Tax Breaks on Bing News

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