The extension of at least some of the 53 tax credits and preferences which Congress created or preserved last December. The platter of tax breaks includes something for almost all tastes: the deduction of state and local sales taxes, which is worth about $2.8 billion to taxpayers who itemize, the economic development credit for American Samoa, worth about $15 million, a tax break for mine safety equipment, worth about $20 million, and many others.
If Windows is a “giant hairball” as Steve Jobs joked that is was I don’t know what you would call the U.S. tax code except maybe “insanity”! Come on guys, quit adding more complexity and special treatment to our tax codes and do the work necessary to simplify them.
Maybe one enticement to starting the simplification process is to require every congressman and woman to do their own tax returns for 2011. No outside help, no handing it off to an assistant. That is something that none of them have probably done since they gained their coveted office or probably even before.
But What do I know….