Disaster victims, wind power developers, teachers, college students and millions of businesses and taxpayers could reap substantial benefits from the huge financial bailout plan. The tax relief package added by lawmakers could also help film producers, motor sports racetrack owners and bicycle commuters. While most of these tax breaks are currently in existence, many of them will expire on January 1, 2009 unless they are renewed by Congress.

Those who will benefit the most are about 20 million upper and middle class taxpayers. Without action from Congress, the ATM which was originally only supposed to affect the very wealthy, would add nearly $2,000 to this year’s tax bill of those earning less than 200,000 per year.

A few members of the House along with some radio and TV commentators have spoken against several of the tax breaks including those benefitting film producers and racetrack owners. At the same time, thousands of businesses are anxiously awaiting the renewal of specific tax credits that will enable them to keep pace with foreign competitors.