$44 Billion in Tax Breaks and a QB Sneak
by Dana Chasin, 12/11/2006
In the early morning hours on Saturday, the Senate voted 79-9 to combine and adopt two House bills in a sprawling $45.1 billion tax, trade, energy, and health package entitled the Tax Relief and Health Care Act of 2006."
The final version of the bill differed little from the version summarized here.
The $35.9 billion in tax break extensions includes the following major provisions (costs of two-year two extensions -- covering 2006 retroactively and 2007; five-year costs indicated by *):
- R&D tax credit -- $16.5 billion
- State and local sales tax dedecution -- $5.5 billion
- College tuition dedeuction -- $3.3 billion
- Welfare-to-Work credit -- $980 million *
- Teachers' Classroom Expenses -- $380 Million
