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Massive tax package offers breaks for just about everyone

Published:Thursday | December 17, 2015 | 12:00 AM
House Speaker Paul Ryan, Wisconsin. looks over his notes on Capitol Hill in Washington yesterday.

WASHINGTON (AP):

From finance companies and manufacturers to teachers and the working poor, there is a tax break for almost everyone in the massive package unveiled by congressional leaders.

But don't get too excited. Only a few of those breaks are new.

Most have been around for years, even decades and are renewed every year or two, but only temporarily. More than 50 of the tax breaks expired at the start of the year.

The package would make more than 20 of them permanent, providing certainty to millions of businesses and individuals. The other breaks would be extended for shorter periods.

House Speaker Paul Ryan called it the most important tax bill Congress will have passed in a long time.

"I'm excited about this huge win for families ... for the economy," Ryan said yesterday.

Congress has not released an official estimate, though aides said the bill would save taxpayers about $650 billion over the next decade. That cumulative amount would add to the national debt.

House Minority Leader Nancy Pelosi said the package costs too much and favours businesses over families.