55 Tax Cuts About To Expire

Fifty-five temporary tax breaks worth tens of billions to U.S. companies and individuals are set to expire at the end of this year. Although many analysts expect most of these tax cuts to be renewed after New Year’s, the process of lapsing and retroactively reinstating tax breaks increases regulatory risk for companies, reports Stephen Ohlemacher for the Associated Press. “It’s a totally ridiculous way to run our tax system,” said National Retail Foundation VP Rachelle Bernstein. “It’s impossible to plan when every year this happens, but yet business has gotten used to that.” Temporary tax cuts give Congress more leverage…