Posted on 10/18/2007 9:39:30 AM PDT by NewsJunqui
WASHINGTON -- Democrats are planning a temporary measure that would prevent the alternative-minimum tax from hitting more people this year and extend several popular tax breaks for individuals and businesses.
The bill includes permanent elimination of the AMT, as well as a reduction in corporate tax rates and expanded deductions and credits aimed at lower- and middle-income people. It would be fully offset, Mr. Rangel said, though he didn't specify how.
(Excerpt) Read more at online.wsj.com ...
Yes, this should be an automatic bi partisan slam dunk. Like most things set up in our system, this has been out there for years and never been changed. This tax is way past due for reform
They are just going to pass a stop-gap so that they can pull the wool over the voters eyes in 08. After the election, we’ll all be paying the AMT.
The catch is here: "It would be fully offset, Mr. Rangel said, though he didn't specify how."
They're showing you the carrot now, while hiding the stick.
“But because of rising incomes, the tax is expected to expand to more than 30 million taxpayers in 2010 from 3.8 million mostly well-off households last year.”
True...see how it is stated in Washpost above: “mostly well-off households”....
Bunch of crap...
Only for their voters. They want to impose massive tax increases on the rest of us:
- Increase taxes on dividends
- Increase taxes on long term capital gains
- Increase marginal tax rates for high earners
- Increase payroll taxes by eliminating the earnings cap
- Add a war surcharge tax
- Add a windfall profits tax on the oil and natural gas industry
- Eliminate mortgage deduction for large homes
Have I omitted any proposed tax increases on the productive members?
Why not offset it by raising taxes on Malt45s, Philly Blounts, and baggy pants. Since the consumers of these items also have been the consumers of other peoples money for most of their life - lets share the pain. I think it is time that core Dem constituents pay their fair share for awhile.
Not that it's going to go anywhere, but it seems to be a sensible plan. It's based on the presumption that the elimination of the AMT should not be offset with tax increases elsewhere.
Gas tax
In order to make it permanent, all they have to do is modernize the tables and index it to inflation.
Or maybe a more general "carbon tax".
Gas tax won’t affect Algore. He has carbon offsets which he buys and then sells to himself.
“The bill includes permanent elimination of the AMT,”
The AMT arose in the early 70s to capture just over 100 taxpayers who had high deductions and paid no tax. Someone did an analysis, it hit the media, and the Dem lawmakers put this law into place to punish said taxpayers.
It was akin to a bill of attainder, but apparently tax law is above the constitution.
I say repeal this turkey once and for all. It’s going to hit 3.8 million taxpayers this year. Get rid of it!
And reduce corporate taxes!!!??? The DEMs are so desperate to pass something that they are taking on Republican ideals! LOL!
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