New Year's Buzz Kill: 55 Tax Breaks Set to Expire

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Dec. 31 (Bloomberg) -- Bloomberg’s Phil Mattingly reports on tax breaks that are due to expire tonight and how that may impact consumers and businesses. He speaks on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)

Commute today tuition checks.

These are just the tip of the iceberg.

There are a lot of tax breaks set to expire.

There are.

You have the individual issues.

You have the commuter tax breaks.

$240 right now, that will drop to about $130 as of tonight.

Charles schumer said this could affect over 700 thousand new yorkers.

A huge deal from the individual side of things.

It is a massive thing for businesses as well.

The research and development tax credit, something intel, personal myers, companies like that, rely on.

About $7 billion a year.

That expires tonight.

You have tax credits for hiring veterans, energy-efficient tax breaks are gone as well.

You have private mortgage insurance write-offs that is gone.

Those commuter benefits.

That is something that will have an impact i think we'll stop all of that gone tonight.

When congress is actually going to come back to this issue?

That is anybody's guess.

Are their lobbyists kind of fight this before they actually expire?

This is pretty much an annual thing for them, unfortunately, with these extenders.

The bucket of 55. the expectation is there going to be extended.

There must always go beyond the december 31 deadline and then do it retroactively.

The issue they are looking at, this has been looked at through the prism of, are they going to do broad tax reform?

Chairman who have said, we don't want it extend them right now because we don't want to include them in tax reform.

No one knows if -- but broad tax reform is a dead issue, right persons senator max baucus is no longer leading the committee?

Yes and no.

I think the hard part is you're not going to get the house republican chairman of ways and means to give up on tax reform.

This is his last year as chair.

He wants an opportunity to do it, even if it is with ron wyden . that puts another delay on it.

The big issue right now, how do you pay for this?

About $54.2 billion annually have to be paid for.

There's not a lot of money that congress can find to cover that amount.

Greatly appreciate that.

Have a great new year.

This text has been automatically generated. It may not be 100% accurate.


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