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Congress Working on Extending Some Tax Breaks

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  • Description

    FBN's Peter Barnes breaks down tax breaks Congress is looking to extend.

  • Duration 2:22
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-- -- all right thanks -- call.

House speaker John Boehner saying he is not confident that congress can avoid it through fiscal -- -- all comes as -- congress today takes on the extension of all.

A bunch of middle class in the business tax breaks a total is more than 200 billion dollars of Peter Barnes on from Washington now what do.

They looking at here.

-- -- this is the usual grab bag of tax extensions that congress approves pretty much every year they include some biggies like patching the Alternative Minimum Tax for millions of middle class families are 130 billion dollars over two years.

But thanks to big time lobbyists and lawmakers from both parties who want to help companies back home there are lots of special interest tax breaks 78 million dollars for auto racetrack owners for faster write offs of their investments.

248 million for movie and TV studios to help keep production in the US when other countries are trying to -- -- seven million dollars for tax credits for electric powered motorcycles.

To encourage environmental and energy goals supporters can justify it.

All of them and they are almost impossible to get rid of especially when they might help the economy.

Might help maintain and create jobs and an election year.

There's even one for liberty bonds in New York City as a result of 9/11.

Providing small businesses.

For the special tax rates who.

Start working around.

The World Trade Center.

Now you know what's gonna argue with that because obviously it's a very emotional kind of issue.

But those bonds have been extended now for eleven years.

And yet they have clearly been used.

Critics say the bill drives home the need for comprehensive tax reform it pass the Senate Finance Committee last month nineteen to five with six Republicans supporting it.

They say they worked with the Democrats to cut 21 special interest provisions including that notorious tax credit for electric golf carts.

I think it and it.

McCain certain that they also are trying to fix did the Alternative Minimum Tax tax right patch right.

Which station and -- -- and the last year and didn't.

Right and so this is a must pass bill and so guess what all this other stuff gets thrown and then -- likely be approved.

Great thank you Peter --

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