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Right now, we're poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans.
And because it is always difficult for bosses to cut wages outright, a temporary tax break could have a more lasting effect than one would expect.
Boone Pickens, the often controversial and always colorful Texas oilman turned investor, took advantage of a temporary tax break to give a $165 million gift to a tiny charity that landed back in a hedge fund he controls.
Another aspect of the House bill that aids a small but powerful group of large multinational corporations is the plan to make a temporary tax break for companies with financial operations permanent.
Profit taxes surged partly because profits themselves surged – this has been an economic recovery in which real wages for most workers have actually gone down, so that profits have gathered the lion's share of the gains – but also because a temporary tax break instituted in 2002 expired.
A12 A Big Gift and a Big Tax Break Boone Pickens, the often controversial Texas oilman turned investor, took advantage of a temporary tax break to make a gift that propelled him into the ranks of the nation's top philanthropists last year.
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Congress has a history of extending supposedly temporary tax breaks.
In Washington "temporary" tax breaks have a habit of becoming permanent.
The Treasury is also considering a proposal to offer temporary tax breaks for investment.
The plan includes temporary tax breaks and electricity subsidies, undercutting a fiscal reform approved last year.Cyclical slowdowns are one thing.
The Clinton plan relies heavily on government spending, and the Obama plan would rely more heavily on temporary tax breaks.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com