Business regulations and tax breaks aplenty in brand new legislation that stings property owners

While many individuals are thankful that the Bush tax cuts have been extended, there are parts of Obama’s brand new $ 858 billion tax bill that have average people wondering if they’ll ever catch a break. What Obama also did was give businesses a gift, within the form of some helpful – and curious – regulations and tax breaks. And why shouldn’t homeowners be upset, when they see their breaks go the way of tax credits for buying such essentials as race horses?

50 organization regulations and tax breaks bad for homeowners

Producing TV programs, erecting windmills and exporting rum will all be getting tax breaks this year. The Obama tax bill hasn’t made several homeowners pretty happy though. This is since the property tax break has been taken off the table unless deductions are itemized, a method which is not cost-effective for many within the middle class.

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 in the 1st place will enjoy Obama’s brand new race horse tax credit. While the Obama administration views the new tax legislation as a stimulus for economic activity, tax experts like Clint Stretch of Deloitte Tax LLP see the law as yet another hasty passage of stop-gap measures.

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

What you should know about tax breaks

• Large capital expenditures can be written off by profitable businesses at one time rather than over time. Over 10 years, there will be a projected $ 21 billion savings for businesses
• Foreign profit tax shield will save banks, insurers and financial firms. This will cost taxpayers a lot of cash. $ 9.2 billion can be paid
• Getting research and development tax breaks. This is another part. This part of the bill can be pricey. It will cost $ 13.3 billion for everyone
• $ 262 million can be saved through 2011 with Puerto Rico and the Virgin Islands. This is because a lower rum export tax will happen
• $ 3 billion through 2011 can be taken in a tax credit with wind, solar and renewable energy
• Fifty percent tax credit for railroad track maintenance cost. Through 2011, it will cost about $ 331 million
• Regulations and tax breaks for charities will go up in 2011 too. Businesses can get $ 537 million for this
• Television production tax breaks for anything non-sexual. About $ 101 million could be spent on this. It will be through 2011

Articles cited

MSNBC

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

Obama signs tax bill

youtube.com/watch?v=emYrBgHBRdo