Massive tax package offers breaks for just about everyone

Paul Ryan
House Speaker Paul Ryan, R-Wis. meets with reporters on Capitol Hill in Washington, Wednesday, Dec. 16, 2015, as lawmakers work to complete end-of-the-year business and pass a comprehensive spending bill. Congressional leaders are preparing to push a Christmas compromise on tax cuts and spending through the House and Senate by week's end after Republicans and Democrats reached agreement on a legislative package extending dozens of tax breaks for businesses and families and financing 2016 government operations. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) — In the massive tax package unveiled by congressional leaders, there’s a break for almost everyone — from finance companies and manufacturers to teachers and the working poor.

But don’t get too excited. Only a few of these tax breaks are new.

Most have been around for years. They’ve been renewed every year or two, but only temporarily. More than 50 tax breaks expired at the start of the year.

The new package would make more than 20 of them permanent. That would provide certainty to millions of businesses and individuals. The others breaks would be extended for shorter periods of time.

In all, congressional aides say the package would save taxpayers about $650 billion over the next decade — an amount that would add to the national debt.

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