Getting rid of tax breaks for big corporations is exceptional public policy. I applaud many of the tax breaks that are now history due to the failure by Congress to renew them on Dec. 31. Among them are:
- A $9 billion "sop for Wall Street banks and major multinationals."
- A tax break to help NASCAR build racetracks.
However, some of the tax breaks that have helped consumers also are gone:
- Incentives for commuters to take the bus or train.
- Tax relief for "underwater" homeowners.
- A raft of tax subsidies for energy efficiency.
- A $250 deduction for teachers with school expenses.
See The Washington Post article “From NASCAR to Wind Power: Congress Just Let 55 Tax Breaks Expire” for details on the 55 tax breaks.