2014 begins with $54 billion in tax hikes

January 03, 2014 / Written By Washington Times

A final congressional stalemate in late December means the New Year’s expiration of a host of tax breaks, amounting to a $54.2 billion increase for green-energy businesses, teachers, homeowners, college students and others.
Businesses will take the biggest hit, with the disappearance Wednesday of a valuable research tax credit, subsidies for building wind turbines and incentives to make energy efficiency improvements to buildings.
Individuals will take hits, too. Those who pay college tuition will lose a tax credit, as will taxpayers who deduct state and local sales tax payments or who pay mortgage insurance. Teachers will lose a tax credit for buying classroom supplies. Some commuters no longer will get federal tax help for taking public transit to work.
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