Ken's Project Blog

December 25, 2010

Tax Bill Gifts for 2011

Filed under: Politics,Taxation — Ken @ 5:16 pm

The tax reform bill that President Obama signed into law has a conucopia of gifts for the American taxpayers, as outlined in this recent AP story, including an estimated $9.3BN in savings for large banks, insurance companies, and investment houses to shield them from paying US taxes on foreign profits, an estimated $101M in tax savings for TV show and movie production companies, an estimated $262M in increased tax rebates to Rum manufacturers in Puerto Rico and the Virgin Islands and continuation of a $13.3BN tax credit for corporate research & development, benefiting a panoply of industries.

Oh, and if you don’t itemize your deductions on your personal income taxes, you won’t be able to deduct your local property taxes in 2011… But don’t worry, your cardiologist will be able to immediately deduct the price of their new race horse.

Merry Christmas, everybody else!

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