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What else should get tax credits?
November 09, 2009
Now that the great Bucks for Bungalows promotion has been extended through next April, TaxVox asks why we should stop there. There are so many worthy causes crying out for a tax credit:
Santa Claus Tax Credit: Retailers predict desultory holiday sales this year. The Santa Claus credit would pump up purchases by reducing the after-tax cost of gifts purchased and given by the end of 2009. The non-returnable credit would equal half the cost of any gift bought in person by people using handwritten letters to Santa from children under age 15 who live with relatives at least nine months during 2009 and still believe in Santa, the tooth fairy, and the Easter bunny. Alternative credits would benefit people who celebrate Hanukkah, Kwanza, or the winter solstice.
Except for the age part, I think Congress qualifies, considering what they have to believe to think Cash for Condos, or the Pelosi health plan, make sense.
More on the Homebuyer Credit:
Taxable Talk
Kay Bell
April15.com
Roni Deutch
Stacie Clifford Kitts
Also, Roger McEowen has an excellent rundown of the newly-enacted tax provisions of the bill.
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Comments
I'm in support of a new itemized deduction for rent paid by renters for their "personal residence" to complete with the Smörgåsbord of deductions offered to homeowners. Just think of the possible phase-outs, maximum lifetime deduction limits, and other provisions that would provide a CPA with yet more job security.
Posted by: Rick Cratsenberg | November 9, 2009 3:45 PM
I think the film tax credit for luxury cars (purchased, not leased or rented) should be expanded to include all auto purchases. Half price cars. All new cars in America would be sold in Iowa.
Myself, I may have to stop buying used cars, but then again, am sure some smart aleck will buy them new, sell them used at a bit above half price, glut the market, and make used cars even cheaper!
Win all around, except the state is bankrupt. Then the credits become worthless? Um.... the lesson is, don't think too much - just do it!
Posted by: Erich Riesenberg | November 10, 2009 6:46 AM