Posted on 08/17/2007 10:36:47 AM PDT by JZelle
A Democratic proposal to raise taxes on the private partnerships that are behind buyout mania on Wall Street has a good chance of passing because legislators plan to couple it with an extension of Alternative Minimum Tax relief — a combination President Bush would have a hard time vetoing.
The higher taxes would be imposed on private equity and hedge funds — and possibly real estate and other private partnerships — to generate as much as $80 billion in revenues that could pay for two years of relief from the Alternative Minimum Tax, or AMT, investment analysts estimate.
AMT relief under Republican-led Congresses was extended only one year at a time, raising the dilemma that a major new tax burden will be imposed next year on as many as 23 million taxpayers with incomes between $75,000 and $500,000. The tax applies to households that make heavy use of certain tax breaks such as tax-exempt bonds and child credits.
(Excerpt) Read more at washingtontimes.com ...
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
I think there should be a new tax on rich Democrats who are always proposing new taxes.
If he signs it - HE RAISED TAXES (at least that will be the mantra). if he vetoes it - he will still be charged with a De Facto tax increase on those then hit by the AMT.
Oh Great! So now we’re taxed for taking money out of our banks at the ATM?
.....never mind...
But when they DO fix the AMT, at least they should call it what it is:
A tax cut for the rich!
LOL!
Who’s it going to benefit most? The East Coast DINKs.
(Dual Income No Kids)
Sounds like a stealth plan to tax private equity and hedge funs at the same time as the imposition of the AMT...
Pres. Bush will not sign this. He will clearly and correctly point out the tax increase and will ask for a clean bill.
Not much stealth here...
How about we fix it by doing the honest thing ?
Let’s split up the Federal spending evenly amongst all 300 million citizens.
$10,000 per head and we’re all done. A family of five owes $50,000. What could be fairer than that ? We all get the same government, right ?
Hillary Clinton is in a worse position. The AMT hits taxpayers in her state, but she is bankrolled by Wall Street hedge funds.
This bill will not pass the Senate.
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