New tax law heavily favors organization

The brand new $ 858 billion tax bill the president signed into law gave several people what they wanted: an extension of the Bush tax cuts. What Obama also did was give companies a gift, within the form of some helpful – and curious – regulations and tax breaks. The organization regulations and tax breaks are indeed curious, as the rules include such things as credit for buying race horses. Source for this article – New tax law littered with weird, wonderful business tax breaks by MoneyBlogNewz.

Property owners not helped even with the fifty business tax breaks

Producing television programs, erecting windmills and exporting rum will all be getting tax breaks this year. The Obama tax bill hasn’t made many property owners quite happy though. Doing an itemized deduction is the only way to get property regulations and tax breaks anymore which makes many upset. Many in the middle class won’t be able to afford an itemized deduction though.

If only the middle class had their own personal race horses upon which they could ride away to happy money land. Alas, only those who can afford race horses within the first place will enjoy Obama’s brand new race horse tax credit. Tax experts like the Clint Stretch of Deloitte Tax LLP say that the legislation was just passed to stop fighting even though the Obama administration and others say the new tax law will help economic activity do better.

“It gives it a lot of dignity to call it a ’system,’ ” Stretch told the AP.

What you need to learn about tax breaks

• At one time, the profitable businesses can write off large capital expenditures. They do not have to do it over time anymore. Over 10 years, there can be a projected $ 21 billion savings for businesses
• Banks, insurers and financial firms can be saved by foreign profit tax shields. It will cost taxpayers $ 9.2 billion
• Research and development tax break. Will cost working class individuals $ 13.3 billion
• $ 262 million could be saved through 2011 with Puerto Rico and the Virgin Islands. This is because a lower rum export tax will happen
• Wind, solar and renewable energy tax credit will cost $ 3 billion through 2011
• Railroad track maintenance cost will be fifty percent in a tax credit. It is expected to cost $ 331 million. This would be through 2011 though
• Companies that donate to charity will receive $ 537 million in tax breaks through 2011
• Tax breaks on TV production. It cannot be sexual though. Through 2011, it will cost $ 101 million

Citations

MSNBC

msnbc.msn.com/id/40811738/ns/business-us_business/

Obama signs tax bill

youtube.com/watch?v=emYrBgHBRdo