Skip to comments.Dems Mull Surcharge On Rich, But Another AMT Patch Likely
Posted on 10/15/2007 5:57:32 PM PDT by shrinkermd
Democrats have never been shy about criticizing the Bush tax cuts, but theyve been reluctant to push for broad tax hikes since retaking control of Congress.
House Ways and Means Committee Chairman Charles Rangel could soon break the ice. The New York Democrat has spent months formulating a plan to raise taxes on the rich to shield most taxpayers from the alternative minimum tax and offer some goodies to the working poor and married couples.
Rangel hasnt tipped his hand on his plan for coming up with at least $800 billion in revenue over the next decade, but reports earlier this year said that he was considering a surtax of 4% or more on high earners.
Time is running out for Rangel to step forward. If Congress doesnt act in the next several months, as many as 23 million taxpayers could feel the bite of the AMT.
The tax hike would be as steep as eliminating 20% of the 2001 and 2003 tax cuts, says the Urban Institute. Households making $100,000 to $500,000 are set to lose between one-third and more than one-half of their Bush tax cuts this year if no action is taken.
Tax filers must pay whichever is greater their regular income tax liability or their liability under the AMT. Created to keep higher earners from avoiding taxes, the AMT disallows most of the deductions in the regular tax code. But because its exemption and rate brackets dont automatically rise with inflation, the tax has become a growing threat to the middle class.
(Excerpt) Read more at epaper.investors.com ...
Perhaps this has something to do with their most enthusiastic supporters and contributors being in the $100-300K bracket. It is all very well to soak the rich, but not if they’re your buddies.
Hey, Charlie! Before you start hammering the rich, ask yourself what percent of the population pays the most in taxes right now. (Hint: the “rich”. I think the top 10% pay almost 50% of federal receipts). Then consider: The rich start businesses, increase employment and jobs, enhance capital formation, give to charities, etc. Now ask yourself: What have the poor done for you lately? I can’t think of a thing other than suck the tax system dry.
How about a tax on Democrats that make over a million a year?
What’s needed is a surcharge on liberals and leftists. They’re the ones that demand these government programs, then expect the rest of us to pay for it.
We should march on Washington the way the Parisians marched on the Bastille, and tear the old rotten edifice down.
The subsequent economic boom would disprove socialism...therefore it would be unfair to try it. ;)
Isn’t the EIC a big enough goody for the working poor?
DEMOCRATS = HIGHER TAXES AND HIGHER SPENDING!
|Income bracket||% of all pretax income||% share of all federal taxes paid|