Congress Refuses to Add to the Deficit—Except When Giving Tax Breaks to Big Business

Congress routinely allows huge packages of nominally temporary tax incentives, loopholes, deductions, and credits to expire, only to revive them over and over again. Collectively known as “tax extenders,” the current group of 55 tax breaks actually expired at the end of 2013. But with only a month left to pass tax legislation, Congress is scrambling to come to a deal to extend these breaks retroactively, so they may apply to 2014 and though the next decade. Many of the extenders are simply giveaways to select groups of corporations and individuals that would… Read more…