from Tapper at ABC:
http://blogs.abcnews.com/politicalpunch/2010/12/administration-pushing-to-add-the-obama-tax-cuts-to-the-bush-tax-cut-negotiations.htmlDecember 02, 2010 5:00 PM
____ Sources say there was a long staff meeting this morning in which not only the Bush tax cuts were discussed, but a whole host of other tax issues that need to be dealt with before the end of the year, ones that Geithner is pushing to be part of any larger tax agreement, ones the White House considers the “Obama tax cuts,” since so many of them are part of the president’s agenda or were started by his administration.
“It’s a whole laundry list of other issues you might describe as brush clearing,” an administration official said, listing a number of tax credits and tax cuts, many of which are set to expire, including:
* The Alternative Minimum Tax;
* The Making Work Pay Tax Cut – this is the “invisible payroll deduction” – the part of the stimulus bill everyone said the White House should have just written big checks for;
* The American Opportunity Tax Credit (higher education tax credit);
* The Earned Income Tax Credit;
* Extenders for the Research & Experimentation tax credit;
* Bonus depreciation (expensing) – this doesn’t expire but the White House thinks it’s good for the economy;
* The HIRE Act – a tax credit for hiring people;
* Build America Bonds, which changes the tax treatment for municipal and state financing, allowing them to raise money for projects; and
* Energy tax credits (solar and wind energy tax credits are set to expire).
“Over two years these provisions will have nine times the economic impact as the high end Bush tax cuts,” a White House official said today.
read more:
http://blogs.abcnews.com/politicalpunch/2010/12/administration-pushing-to-add-the-obama-tax-cuts-to-the-bush-tax-cut-negotiations.html