Senate Finance Committee chair to review tax breaks
A grab bag of 55 tax benefits expired at the end of last year, and Democratic Senator Ron Wyden of Oregon, the new chairman of the Senate Finance Committee, wants Congress to reinstate them.
“Although they all have the same expiration date, that’s the only thing they have in common,” says Richard Kaplan, who teaches tax law at the University of Illinois. “There is no coherent theme to this package.”
There are tax breaks for Americans who use mass transit, and for businesses that invest in research.
“There are some that, shall we say, have a little bit more narrow benefit,” says Gabe Horowitz, with the think tank Third Way. Horowitz points to tax breaks that benefit the owners of thoroughbreds and NASCAR racetracks.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
