Following the "Super Committee's" recent failure to reach an agreement on deficit reduction, the fate of many significant tax provisions are currently scheduled to expire at the end of 2011. Here are a few of the individual tax breaks set to expire:
- The one-year payroll tax holiday which for 2011 reduced by two percent employees' payroll taxes.
- Election to deduct State and local general sales taxes.
- Above-the-line deduction for qualified tuition and related expenses.
- The deduction of mortgage insurance premiums as qualified mortgage interest.
- $250 for certain expenses of elementary and secondary school teachers.
- The Adoption credit.
- The increased AMT exemption amount is due to reset to original levels after 2011.
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