Wednesday, December 9, 2009

Lawmakers want to extend $31B in tax breaks

Lawmakers want to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes. The problem: how to pay for it.

The House planned to vote Wednesday on a big tax increase for investment managers to help finance the renewal of 45 tax deductions and credits for businesses and individuals. The tax breaks are scheduled to expire at year's end.

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