Wed
Oct 25 2006
07:54 pm

How many hundreds or thousands of your hard-earned "Bush economy" dollars will you lose because of the narrow interest and incompetent GOP Congress?  The most do-nothing and lowest-approved Congress in history was so eager to pander to their base and then hit the campaign trail that they neglected to extend vital tax deductions we've all grown accustomed to:

...What's lost to failed tax bills include a deduction for schoolteachers who pay for their own supplies, a deduction for college tuition and expenses for families that don't qualify for certain education credits, and a research-and-development tax credit popular with business.

About 19 million individual taxpayers could be affected by the nitwits' inaction.

... 

Deductions for state and local sales taxes. This affects residents of Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming who pay no personal state income tax (New Hampshire and Tennessee do tax dividend and interest income). This has been worth billions of dollars in deductions for residents of these states.

...

What they did was to poison the tax code extensions with the inclusion of repeal of the "death tax" (please don't get me started).  Even though elimination of the Estate Tax is near the bottom of the list of taxes Americans believe should be targeted, the GOP evidently thought that a scorched earth jihad on your real, effective income was worth a shot at eliminating taxes for fewer than 2% at the top, who rake in $1.5 million or more in a year. 

Had enough yet of the way you're being "represented" (some would say screwed) by the GOP?

Do you think Bob Corker or Harold Ford Jr. will best represent your interests in Washington?

mpower1952's picture

The most do-nothing and lowest-approved Congress in history

I'm showing my ignorance here but do they not go back at all until after the new year? How is this possible?

Be a blessing to someone today.

Factchecker's picture

If we "win" this game of chicken

From the msn piece:

It's possible -- and I hope it happens -- that Congress will return to Washington after the November election and fix the mess. But don't bet on it.

The Internal Revenue Service expects to start printing tax forms for 2006 returns starting in early November. Changing the tax code after the print run may cause too much confusion.

 ...

Maybe we will all get a break and Congress will stop fooling around and pass these extenders. Here's where I recommend you be patient when you do your taxes. The tax forms may not reflect the tax changes. The Internal Revenue Service could be buried with additional training, telephone assistance, delayed refunds and amended filings. Paperwork, IRS publications, forms and Web sites would all have to be amended. Software programmers and developers would have to update their programs, including the ones used for electronic tax-return filing.

...

The House of Representatives is scheduled to return to the Capitol on Nov. 13 for unfinished business. Note, that's after the Nov. 7 due date for printing the forms. Lawmakers plan to work until the Thanksgiving recess and return again in December if necessary.

This year's lame-duck session will mark the fifth consecutive time that Congress has needed to return to work after the election.

Maybe the extenders will be passed, delivering us to a tax season of mass confusion.

This is the same chicken-sh*t way the GOP confirms Bush appointments. 

 

bizgrrl's picture

Important post here.

Important post here. Especially since the Repubs are trying to change the tune for Nov.7 and run on their Economic stance (Dow Up, Gas prices down), or lack there of as seen in this post and including (house prices dropping, insurance up, wages down, etc.).

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