Released: October 12, 2008

Bailout has tax breaks for us

Source: Eileen Ambrose, Baltimore Sun (Free Registration)

The mega-bailout package for Wall Street also contains about $150 billion in tax breaks for the rest of us.

Some are new, but many are tax breaks that had either lapsed or were near expiration and given another year or more of life.

Among them are credits for buying an electric car, deductions for college tuition and changes that will spare millions of families from the alternative minimum tax.

Your broker will have new reporting requirements when securities are sold, but that might end up costing you more in taxes.

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