By: Charles Benninghoff
In an election-year shock, the Democrat-controlled Senate Finance Committee has scheduled a hearing for April 3, 2014 on a package of tax breaks.
Senate Finance Chair Ron Wyden (D-OR) and Sen. Orrin Hatch (R-UT) were able to come to an agreement to revive these tax cuts to save American jobs.
The bill is the "Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act."
Don’t you just love the so-called alphabet-soup names given some of the legislation coming out of DC?
These tax breaks date back to the Bush era, that Obama and Harry Reid allowed to expire on January 1, 2013.
These tax breaks will save many American jobs, and reduce tax rates for many small businesses. Read more about the benefits of the EXPIRE Act here.
Unsurprisingly, some of the Democrats are already balking at this and want to scuttle the tax breaks even while other Democrats are in favor.
Americans may have noticed that their taxes went up again this year. This is thanks to Obama's ongoing spending spree and because Congress allowed these cuts to expire.
Unfortunately, not everyone will qualify for one of these 45 tax breaks that are being considered in the EXPIRE Act. However, it could still put more money back in some Americans’ pockets.
Small business leaseholders, such as restaurants, will have the tax break on their leases revived if this package gets through the Senate. If that happens, the restaurant will not have to raise the price of their food to stay in business therefore customers will save money.
That is just one example and here are some of the other tax breaks being considered. Remember, Obama and Harry Reid let all of these tax breaks expire a year ago:
- A tax deduction for small businesses that hire veterans
- A federal deduction for state and local sales taxes
- Deductions for many charitable contributions that have expired
- A deduction for some coal plants (very necessary, because energy prices have been skyrocketing under Obama as he shifts American wealth to his oil-producing dictator friends).
- A tax deduction for food donations to soup kitchens and other charitable organizations
Yes, that is right; Obama raised taxes on soup kitchens. Find out how you can help convince the Senate Finance Committee to pass this Tax Extender Package here.
Some of the items the Senate Finance Committee is considering amount to nothing more than crony capitalism pork and others are just stupid, like the tax cuts for electric motorcycles. Nevertheless, some of them will provide relief for small businesses and will save American jobs.
Tax rates are expected to climb back up to 1970s Jimmy Carter administration levels in the coming years because of Obama's outrageous unlimited federal spending.
America’s "progressive” tax system has grown under Obama into the biggest job-killing engine ever conceived by the mind of mankind.
Americans must continue to fight for lower taxes if they are to have any hope of taking power away from the federal government and giving it back to "we the people."
The EXPIRE Act," is scheduled for a markup hearing in the Senate Finance Committee April 3, 2014. Americans must contact the Senate today and urge them to pass these cuts.
If you are in favor of tax cuts and saving American jobs, you can help by urging the Senate Finance Committee to pass the EXPIRE Act here. Please also share this link with everyone you know so that they can help too.