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Americans For Prosperity Americans for Prosperity (AFP) and Americans for Prosperity Foundation (AFP Foundation) are committed to educating citizens about economic policy and mobilizing those citizens as advocates in the public policy process. AFP is an organization of grassroots leaders who engage citizens in the name of limited government and free markets on the local, state and federal levels. The grassroots members of AFP advocate for public policies that champion the principles of entrepreneurship and fiscal and regulatory restraint.

Americans For Prosperity

4 strange tax extenders you won?t believe Congress has on the books

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Unread 10.02.19, 04:11 AM
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4 strange tax extenders you won?t believe Congress has on the books

10.02.19 02:30 AM

Tax extenders are “temporary” subsidies — most often in the form of tax breaks — provided to a specific company or*industry by*Congress. Nevertheless, they’re usually not temporary at all. Though tax extenders are meant to last only a short while, they are instead extended year after year by Congress. Make no mistake: Tax extenders are corporate welfare. They are generally given to*politically*favored*companies at the expense of hardworking taxpayers. Congress has handed out countless tax extenders to countless industries and to the pet projects of lawmakers over the years.*These*projects to which Congress has granted tax breaks*range from the silly to the flatly strange. Here are four*such tax extenders that you won’t believe Congress has on the books:   1)*A tax break for racehorse owners:*This*credit*began as a perk to allow racehorse owners to depreciate the value of some horses to avoid tax liability for seven years. While originally written to expire in 2008, it was extended to include a three-year depreciation for*all*racehorses. According*to the Joint Committee on*Taxation,*this tax extender*was estimated to have cost the*Treasury over*$35 million in 2018.   2)*Handouts*for brewers, distillers and vintners:*That’s right, the alcohol industry benefits from tax extenders, albeit ones established recently,*in 2017. While they’re set to expire*this […]

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