Congress needs to get its priorities straight on the tax extenders

  At a time when working families are struggling harder than ever to make ends meet but corporate profits are soaring to record highs, Congress might pile on even more tax breaks for businesses. At issue is the extension of a package of temporary tax provisions—known as the “tax extenders”—that expired at the end of 2013. The tax extenders package is a mixed bag of tax relief for both individuals and businesses; some provisions support energy efficiency, renewable energy, teachers, and struggling homeowners, while other provisions primarily benefit multinational corporations.

Congress should reassess the importance of two corporate tax breaks

  A series of tax breaks expired at the end of 2013. These tax breaks are all technically temporary, but they are extended so regularly that they are collectively known as the tax extenders. Some of these tax extenders are good policy, such as relief for foreclosure victims, support for energy efficiency and renewable energy, incentives for businesses to hire disadvantaged workers and veterans, and tax credits to revitalize economically depressed areas. Other tax extenders, however, offer fewer public benefits and primarily subsidize big multinational corporations.