Teachers may lose tax break for school supplies

[TexasTowelie]

WASHINGTON — Unless Congress acts soon, teachers will be shelling out more of their own money for school supplies.

Lawmakers have yet to renew a popular tax provision that lets teachers deduct $250 in classroom expenses on their federal tax returns. For months, it’s been caught in the political crossfire of about 50 other tax breaks that expired at the end of last year.

“Texas teachers have long spent funds out of their own pockets for their own classrooms,” said Holly Eaton, director of professional development and advocacy at the Texas Classroom Teachers Association. “With budget cuts … the amount of those expenditures has likely increased.”

The provision is expected to be extended, though it’s uncertain for how long.

Read more: http://www.dallasnews.com/news/politics/headlines/20141201-teachers-may-lose-tax-break-for-school-supplies.ece

[gadjitfreek]

1. No surprise

Teachers have been under attack for a long time. I spend thousands out of my own pocket every year and it's an insult we only get to get a $250 deduction.

[nitpicker]

2. Or maybe not

The Hill suggests provisions may be extended through the end of 2014.

http://thehill.com/policy/finance/225584-house-moves-toward-vote-on-expired-tax-breaks

[nitpicker]

3. Link to House hearing Dec 2 re extension bill

http://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=102784

[nitpicker]

4. More from The Hill re tax break status

http://thehill.com/homenews/senate/225669-how-the-white-house-torpedoed-reids-tax-deal

How the White House torpedoed Harry Reid’s tax deal
By Alexander Bolton and Bernie Becker - 12/02/14 06:00 AM EST

The White House worked closely with liberal House Democrats last week to torpedo a tax deal that Senate Majority Leader Harry Reid (D-­Nev.) was negotiating with Republicans.
(snip)

Reid has since stepped away from the table and left the lame­-duck tax talks entirely to Senate Finance Committee Chairman Ron Wyden (D­-Ore.). This means a one-­year extension of expired tax provisions appears more likely, though Wyden insisted Monday that he was no fan of that approach. “It’s all in Wyden’s hands now. Whatever happens is in Wyden’s hands,” said the senior staffer, who added that passing a one-­year extension of tax provisions this month sets up new tax talks next year, when Sen. Mitch McConnell (R­Ky.) will be the majority leader.
(snip)

With Reid now backing away from extenders negotiations, House Republicans are moving toward a vote that would restore many of the expired tax breaks only through the end of 2014.
(snip)

[StopTheNeoCons]

5. OP should be titled "Repubs to increase taxes on teachers"..nt

[Igel]

6. Meh.

So I deduct $250 from my gross income.

My effective tax rate is perhaps 12%. (Whatever my maximum marginal rate may be ... on paper.)

The tax deduction nets me what? $30?

I'd much, much rather that parents just sprung for a package of filler paper and a couple of pens and pencils for their kids. $2 gets you stocked for the year. I spend more than that per student because some of the neediest seem to need 4 or 5 pens or pencils per week.


(Let's not talk about the heinous antisocial crime of tax avoidance. After all, that's society subsidizing me, isn't it?)