Community News Corporation | Byron, MN

Latest Dodge Center, MN, weather
weather sponsored by


Advanced Search

News
Obituaries
Sports
Opinion
• Opinion
• Letters
Legals
Classifieds
Schools
Agriculture
Church/Faith
Entertainment
BULLETIN BOARD
Government
Environment
Arts/Music/Theater
Health/Food
Christmas Shopping Guide
Home/Garden
Feedback
Community Links
Contact Us






Brownsdale Auto Body

home : opinion : opinion July 22, 2014

1/7/2013 12:19:00 PM
American Taxpayer Relief Act of 2012 is a hoax

Below is the contents list of the recent Congressional "solution" to the "fiscal cliff." If you want details on what each bulleted item means, go to to read the entire bill.

This bill has been described as raising taxes on the wealthy while keeping middle class taxes low; however, it raises taxes very little but grants favors to just about every special interest in the nation and even some outside the nation.

It appears that the only thing this bill relieves is the pressure on members of Congress and on the President from their most influential supporters.

Had we gone over the "fiscal cliff," we would have seen some dramatic changes in the way our government collects and spends money. We would have been forced to accept the responsibility of cleaning up our nation's financial affairs rather than passing that job on to our children and grandchildren.

Taxes need to go up on everyone. Our tax code must be progressive, but we all need to start paying more.

Benefits need to be reduced for everyone, with the greatest reductions applying to entitlements for corporations and the wealthiest among us.

Our governments (at every level) need to invest in restoring our nation's infrastructure so that our children and grandchildren inherit a nation capable of economic prosperity such as our parents and grandparents bestowed upon us.

It is time we ditch partisan politics and get involved as citizens of a democracy in persuading our political leaders to work together for real solutions to the problems our nation faces.

Larry Dobson



TITLE I--GENERAL EXTENSIONS

• Permanent extension and modification of 2001 tax relief.

• Permanent extension and modification of 2003 tax relief.

• Extension of 2009 tax relief.

• Permanent alternative minimum tax relief.

TITLE II--INDIVIDUAL TAX EXTENDERS

• Extension of deduction for certain expenses of elementary and secondary school teachers.

• Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.

• Extension of parity for exclusion from income for employer-provided mass transit and parking benefits.

• Extension of mortgage insurance premiums treated as qualified residence interest.

• Extension of deduction of State and local general sales taxes.

• Extension of special rule for contributions of capital gain real property made for conservation purposes.

• Extension of above-the-line deduction for qualified tuition and related expenses.

• Extension of tax-free distributions from individual retirement plans for charitable purposes.

• Improve and make permanent the provision authorizing the Internal Revenue Service to disclose certain return and return information to certain prison officials.

TITLE III--BUSINESS TAX EXTENDERS

• Extension and modification of research credit.

• Extension of temporary minimum low-income tax credit rate for non-federally subsidized new buildings.

• Extension of housing allowance exclusion for determining area median gross income for qualified residential rental project exempt facility bonds.

• Extension of Indian employment tax credit.

• Extension of new markets tax credit.

• Extension of railroad track maintenance credit.

• Extension of mine rescue team training credit.

• Extension of employer wage credit for employees who are active duty members of the uniformed services.

• Extension of work opportunity tax credit.

• Extension of qualified zone academy bonds.

• Extension of 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.

• Extension of 7-year recovery period for motorsports entertainment complexes.

• Extension of accelerated depreciation for business property on an Indian reservation.

• Extension of enhanced charitable deduction for contributions of food inventory.

• Extension of increased expensing limitations and treatment of certain real property as section 179 property.

• Extension of election to expense mine safety equipment.

• Extension of special expensing rules for certain film and television productions.

• Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.

• Extension of modification of tax treatment of certain payments to controlling exempt organizations.

• Extension of treatment of certain dividends of regulated investment companies.

• Extension of RIC qualified investment entity treatment under FIRPTA.

• Extension of subpart F exception for active financing income.

• Extension of look-thru treatment of payments between related controlled foreign corporations under foreign personal holding company rules.

• Extension of temporary exclusion of 100 percent of gain on certain small business stock.

• Extension of basis adjustment to stock of S corporations making charitable contributions of property.

• Extension of reduction in S-corporation recognition period for built-in gains tax.

• Extension of empowerment zone tax incentives.

• Extension of tax-exempt financing for New York Liberty Zone.

• Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands.

• Modification and extension of American Samoa economic development credit.

• Extension and modification of bonus depreciation.

TITLE IV--ENERGY TAX EXTENDERS

• Extension of credit for energy-efficient existing homes.

• Extension of credit for alternative fuel vehicle refueling property.

• Extension of credit for 2- or 3-wheeled plug-in electric vehicles.

• Extension and modification of cellulosic biofuel producer credit.

• Extension of incentives for biodiesel and renewable diesel.

• Extension of production credit for Indian coal facilities placed in service before 2009.

• Extension and modification of credits with respect to facilities producing energy from certain renewable resources.

• Extension of credit for energy-efficient new homes.

• Extension of credit for energy-efficient appliances.

• Extension and modification of special allowance for cellulosic biofuel plant property.

• Extension of special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities.

• Extension of alternative fuels excise tax credits.

TITLE V--UNEMPLOYMENT

• Extension of emergency unemployment compensation program.

• Temporary extension of extended benefit provisions.

• Extension of funding for reemployment services and reemployment and eligibility assessment activities.

• Additional extended unemployment benefits under the Railroad Unemployment Insurance Act.

TITLE VI--MEDICARE AND OTHER HEALTH EXTENSIONS

Subtitle A--Medicare Extensions

• Medicare physician payment update.

• Work geographic adjustment.

• Payment for outpatient therapy services.

• Ambulance add-on payments.

• Extension of Medicare inpatient hospital payment adjustment for low-volume hospitals.

• Extension of the Medicare-dependent hospital (MDH) program.

• Extension for specialized Medicare Advantage plans for special needs individuals.

• Extension of Medicare reasonable cost contracts.

• Performance improvement.

• Extension of funding outreach and assistance for low-income programs.

Subtitle B--Other Health Extensions

• Extension of the qualifying individual (QI) program.

• Extension of Transitional Medical Assistance (TMA).

• Extension of Medicaid and CHIP Express Lane option.

• Extension of family-to-family health information centers.

• Extension of Special Diabetes Program for Type I diabetes and for Indians.

Subtitle C--Other Health Provisions

• IPPS documentation and coding adjustment for implementation of MS-DRGs.

• Revisions to the Medicare ESRD bundled payment system to reflect findings in the GAO report.

• Treatment of multiple service payment policies for therapy services.

• Payment for certain radiology services furnished under the Medicare hospital outpatient department prospective payment system.

• Adjustment of equipment utilization rate for advanced imaging services.

• Medicare payment of competitive prices for diabetic supplies and elimination of overpayment for diabetic supplies.

• Medicare payment adjustment for non-emergency ambulance transports for ESRD beneficiaries.

• Removing obstacles to collection of overpayments.

• Medicare advantage coding intensity adjustment.

• Elimination of all funding for the Medicare Improvement Fund.

• Rebasing of State DSH allotments.

• Repeal of CLASS program.

• Commission on Long-Term Care.

• Consumer Operated and Oriented Plan program contingency fund.

TITLE VII--EXTENSION OF AGRICULTURAL PROGRAMS

• 1-year extension of agricultural programs.

• Supplemental agricultural disaster assistance.

TITLE VIII--MISCELLANEOUS PROVISIONS

• Strategic delivery systems.

• No cost of living adjustment in pay of members of congress.

TITLE IX--BUDGET PROVISIONS

Subtitle A--Modifications of Sequestration

• Treatment of sequester.

• Amounts in applicable retirement plans may be transferred to designated Roth accounts without distribution.

Subtitle B--Budgetary Effects

• Budgetary effects.



Related Links:
• Read the entire bill here


Claremont Service




Article Comment Submission Form
Please feel free to submit your comments.

Article comments are not posted immediately to the Web site. Each submission must be approved by the Web site editor, who may edit content for appropriateness. There may be a delay of 24-48 hours for any submission while the web site editor reviews and approves it.

Note: All information on this form is required. Your telephone number is for our use only, and will not be attached to your comment.
Submit an Article Comment
First Name:
Required
Last Name:
Required
Telephone:
Required
Email:
Required
Comment:
Required
Passcode:
Required
Anti-SPAM Passcode Click here to see a new mix of characters.
This is an anti-SPAM device. It is not case sensitive.
   








Field Crest
Safeway Agency
Scanlon, Nietz, Murch
Dodge Center Chiropractic
ExtrasLife
Community News Corp • Byron Review, 507.775.6180, byronreview@frontiernet.net
Star Herald, 507.374.6531, dcstar@kmtel.com

Software © 1998-2014 1up! Software, All Rights Reserved


(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-46608719-1', 'communitynewscorp.com'); ga('send', 'pageview');