Have heard from a historically reliable source that that within the next few days the currently expired tax breaks (R&D credit for business, sales tax deduction, tuition deduction, and teachers deduction) will be included as a rider to existing legislation and extended for two years beginning retroactively to January 1, 2006,
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Eleventh Hour
Jimmy I've heard that the issue is a "slam dunk" and that the chances of it passing are nearly 100%. I've even heard that from others on this board.
However, the consensus was that it would have to happen this week. It hasn't happened yet and there are only a few more days before the Congress will want to go home. Several of them are "lame duck" legislators and for the most part are more inclined to tax cuts than the next Congress which will convene in January.
I think it is far from certain. Watch the papers. As Tennessee is one of the "no income tax" states, our newspapers are following the action.
Regards, Ron J. -
Expired tax breaks
Its on the legislative table, as of today! They are hoping it gets voted and signed before the end of the year. Check it out at www.waysandmeans.house.govComment
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HR6408 introduced 12/07/06Comment
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It could pass today, but the bill has a bunch of other stuff attached to it having nothing to do with tax extenders that isn't a slam dunk. I would be surprised if it passed today. More than likely, it will be left for the new Congress after the first of the year to weed out the garbage. It will probably pass sometime in April, after we file everyone's return, and it will be retroactive back to 1/1/06, meaning a bunch of people will be filing amended returns.Comment
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From Thomas Web site, http://thomas.loc.gov/home/thomas2.html
H.R.6408
Title: To amend the Internal Revenue Code of 1986 to extend expiring provisions, and for other purposes.
Sponsor: Rep Thomas, William M. [CA-22] (introduced 12/7/2006) Cosponsors (None)
Latest Major Action: 12/7/2006 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Resources, Education and the Workforce, and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
There is no way they can get this thing through all these committees today, then on to the House floor and Senate to be passed before the end of today when Congress adjourns for the year.Comment
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HR6408 is on the schedule for House vote today.........Let's see what happens and where we go from there.Comment
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According to C Span a deal on this bill has already been reached by House and Senate negotiators although a House vote has not yet occurred. House vote is still scheduled for today. If it passes House vote look for a speedy trip through Senate. Should know by the end of day.Comment
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spending it
Aside from generally being offended by the idea of a retroactive law, I don't much care about these little tax "breaks." Their main purpose is to distract us from the massive theft that the recent code changes are perpetrating, setting up an economic class that can amass amazingly massive wealth at the expense of wage-earners.
What's the big deal about a few hundred or a thousand dollars saved by the sales tax deduction, when our dollar itself has lost a fourth of its value against the international gold standard while this administration has been looting our treasury? Does it make any difference whether we have to pay that money or not, since Congress hasn't even bothered to pass the appropriations bills for spending it?Comment
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We Still Care
Jainen, in spite of the fact that Congress may be shrinking back from your own expectations, the "few hundred dollars here and there" are things that the rest of us in the tax preparation business are acutely interested.
In order to prepare returns with diligence, we as practitioners HAVE to know about whether these deductions, credits, etc. are out there for us to use. The universe of discourse in the cosmic battle of good versus evil may include your great eternal truths, but please allow us the luxury of tracking this bill so we can do our jobs.Comment
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You can put all your money in GLD, the symbol for an ETF which holds physical gold. There are other hedges against the falling dollar such as funds that hold Euros.Originally posted by jainenComment
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Hr6408
This afternoon the House passed HR6408 by a margin of 367-45. The bill is on the fast track now and the Senate is expected to vote on the legislation either this evening or sometime over the weekend.Comment
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Hr6408
Senate passed HR6408 around three AM this morning by a margin of 79-9. All that,s left now is for our fearless leader, George W to sign the bill. Almost home!Comment
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for Bees Knees
After reading your post I was encouraged that it WOULD be a slam dunk.
Generally when lawmakers attach a bunch of unrelated stuff onto a bill, it's because they know it's going to pass. That's how we get a bunch of pork barrel programs appropriated and the money spent. The legislation is often very popular and so all of the big money spenders can justify to their constituents the reasons for voting for the bill. In fact, so popular that Congressmen and Senators don't want to go on record voting against it.
That's why a conservative, fiscal-minded Republican from Texas will vote for a measure that provides funding for a $5,000,000 project for aids research in West Virginia. The bill may contain a sales tax deduction for states without income taxes. (Texas is one of them).Comment
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