Explain this, please

Discussion in 'Economy' started by hortysir, Aug 22, 2012.

  1. hortysir

    hortysir In Memorial of 47

    Apr 30, 2010
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    Port Charlotte, FL
    [FONT=Arial, Helvetica, sans-serif]Senate Finance Committee passed a bill that would give many middle-class Floridians relief on their taxes.

    The bill provides this relief in a few different ways, including extending the state sales tax deduction so middle-class Americans can claim it on 2012 taxes. In the past, this deduction has been claimed by two million Floridians, and totals more than $2.5 billion a year. I want to make this deduction permanent, and I’m cosponsoring a bipartisan bill (S. 24) to do that.

    Meantime, the legislation we just passed also increases the exemption for the alternative minimum tax (AMT) so that hard-working wage earners don’t get caught in a trap that would force them to pay exorbitant taxes.

    And, there are two other measures in the bill that specifically benefit homeowners. The bill reinstates a provision allowing middle-class homeowners to deduct their mortgage insurance premiums, and it also extends a rule that allows underwater homeowners to participate in short sales and mortgage modifications without taking a tax hit. Both of these provisions will help Florida’s housing market get stronger.

    I'm just tired and my reading comprehension is suffering because of it.
    On the surface it sounds good, but it's Bill-freekin-Nelson, so I can't be sure


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