90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Tax Breaks

Your tax breaks may be on the chopping block at the fiscal cliff.  Home mortgage interest, state income tax and charitable deductions. We’ll add it all up.

James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. (AP)

James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. (AP)

Fiscal cliff talk is everywhere now.  Will we crash?  Won’t we crash?  Is it real?  What’s the deal?  There is no deal yet.  There may not be one, as the clock ticks down.  But if there is, it is likely to include a deal on what Washington now likes to call “tax breaks.”

Like the home mortgage interest deduction.  Like tax-free employer-provided health insurance.  Like deducting state income taxes.  You may not think of these as tax breaks at all.  Just what you’ve got coming.  But they’re in play.  And more, too.

This hour, On Point:  the fiscal cliff and your deductions.

-Tom Ashbrook

Guests

Lori Montgomerycovers U.S. economic policy and the federal budget for the Washington Post.

Roberton Williams, senior fellow at the Tax Policy Center.

Diane Lim, chief economist at the Concord Coalition.

From Tom’s Reading List

Christian Science Monitor “So this clarifies the political situation, right? President Obama’s solution wins, Speaker John Boehner needs to cave, taxes on the rich rise, Republicans andDemocrats walk arm in arm out of the Capitol to a bipartisan catered lunch at the Hawk and Dove.”

CNN “Republicans have officially gotten on board with raising revenue for deficit reduction — by curbing tax breaks in conjunction with lowering tax rates. The idea of curbing tax breaks isn’t new. Tax policy experts have touted it for years and Democrats, including President Obama, have proposed it in one form or another. That’s why it may offer a key to resolving the fiscal cliff.”

New York Times “A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families — and the broader housing market.”

 

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Apr 27, 2015
Flowers and ribbons adorn a tree outside the Weinstein family house in Rockville, Md. last week. Earlier, President Barack Obama ook full responsibility for the counterterror missions and offered his "grief and condolences" to the families of the hostages, Warren Weinstein of Rockville, Maryland, and Giovanni Lo Porto who were inadvertently killed by CIA drone strikes early this year. (Jose Luis Magana/AP)

American drone policy and consequences. We’ll look at secret strikes and the evolution of drone war.

Apr 27, 2015
Former Olympic athlete Bruce Jenner at a charity event in 2013. (Mark Von Holden/Invision/AP)

Bruce Jenner opens up about his gender journey. We’ll look at the big picture of transgender life in America now.

RECENT
SHOWS
Apr 24, 2015
Dick West (Dr. Walter Richard West, Wah-pah-nah-yah or Wapah Nahya, Light Foot Runner), 1912−1996, Southern Cheyenne, Oklahoma. Cheyenne Sun Dance—The Third Day, 1949. Paper, casein, 24 5/8 x 35 1/8 inches. © 2013 Philbrook Museum of Art, Inc., Museum purchase, 1949.20, Photo: John Lamberton.

Artists of earth and sky. Rawhide, bear claw, eagle feathers and the glory of America’s Plans Indians, on display at the Metropolitan Museum of Art.

 
Apr 24, 2015
The Rev. Jamal Bryant leads a rally outside of the Baltimore Police Department's Western District police station during a march and vigil for Freddie Gray, Tuesday, April 21, 2015, in Baltimore. (AP)

Loretta Lynch gets a vote. Race and anger in Baltimore. Migrant crisis in the Mediterranean. Petraeus, sentenced. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Your Favorite Musical Memories Of Rain
Wednesday, Apr 22, 2015

When we say ‘rain,’ you say ‘…?’ (Here’s what you really said when we said ‘rain.’)

More »
6 Comments
 
Three LIVE Tracks From Flor De Toloache
Friday, Apr 17, 2015

Fantastic live tracks from the amazing women of Flor de Toloache.

More »
1 Comment
 
Our Week In The Web: April 17, 2015
Friday, Apr 17, 2015

Interactions on Facebook, campaign time begins and a truck full of bees.

More »
2 Comments