The voices of Tax Policy Center's researchers and staff
And now, for a lighter look at tax extenders, here’s a song that borrows the tune of The Sound of Music’s “My Favorite Things.” If you’re looking for something more serious, check out Len Burman’s TaxVox thoughts on the issue.
My Favorite (Expired) Tax Breaks
Special deductions of teachers’ expenses,
Tax-free forgiveness for lost residences,
Deducting money that state sales tax takes,
They’ve all expired—we’ve lost our tax breaks.
We’ve lost tax credits for R&E spending,
Special exceptions for subpart F lending,
Deduct tuition that your college takes,
Now they’ve expired—we’ve lost those tax breaks.
<refrain>
Still they argue.
The clock’s ticking.
Please don’t make us sad.
If you don’t renew all our favorite breaks,
This tax year will be so bad.
Tax-exempt bonds for the zones that empower,
Credits we get for renewable power,
Write off young race horses—three years it takes,
These are yet more now-expired tax breaks.
Once they’ve expired as happens each New Year,
Congress must act but it may not, we do fear.
Lobbyist pressure is all that it takes
To get them to renew these lovely tax breaks.
<refrain>
If Congress dithers and simply relaxes,
We’ll have to wait to file our income taxes.
IRS needs time to make forms it takes
To claim all those wonderful tax-saving breaks.
Still they argue.
The clock’s ticking.
Please don’t make us sad.
If you don’t renew all our favorite breaks,
This tax year will be so bad.
Posts and comments are solely the opinion of the author and not that of the Tax Policy Center, Urban Institute, or Brookings Institution.