Congress Plans Tax Overhaul
The House has a plan for repealing the Alternative Minimum Tax (AMT). The AMT was created in 1969 and it targeted only the wealthiest families in America. They were no longer able to use tax deductions to slither out of paying any income taxes. But the AMT was never indexed for inflation, and 38 years of inflation have redefined millions of upper middle class earners as “wealthy.”
In return for repealing the Alternative Minimum Tax, the Democrats’ tax plan will reduce the tax burden for most low and middle income workers. And some corporations and investors will be paying higher rates.
Uh oh — you know what this means. Class Warfare! Redistribution of Wealth! Sapping the moral fiber of this great nation!
Rep. Charles Rangel (D-NY) said almost all families earning less than $500,000 per year would have a “net tax reduction.” He said “We have attempted to restore equity and fairness to the system.”
This was too much for Rep. Jeb Hensarling, R-Texas. He said “Those lazy blue collar slobs never contributed to my re-election campaign. What good are they The correction of tax mistakes should never be offset with tax increases.” And Jim McCrery (R-LA) said the Democrats’ plan was “pure snake oil.”
If this new tax law gets passed, corporations will no longer be allowed to use certain “Enron”-type accounting methods. And hedge fund managers will be limited in their use of offshore tax havens. In other words Bush will have a signing statement at the ready.
October 25th, 2007 at 1:36 pm
Well its about time! CNN Money laid out some of the key points of the whole bill here Honestly it looks like it will benefit the majority of Americans across the board. Hey who knows in ten years it may even raise enough money to recoup for the bash in Iraq our dear leader decided to throw.
October 25th, 2007 at 7:34 pm
Should TAX HALLIBURTON because it moved to DUBAI. Halliburton is no longer a US Corp. - can you say TRAITOR. OH! Cheney is connected - can you say TRAITOR. CHENEY CHIEF OF STAFF expose a CIA Agent - can you say TRAITOR.
October 26th, 2007 at 8:08 am
4 Truth, if Halliburton is no longer a US Corp, how can the US tax it? Also Richard Armitage is NOT Cheney’s chief of staff so “CHENEY CHIEF OF STAFF” did not expose a CIA agent. You might want to tune in to Fox News for more accurate account of events, or visit drudge. Here is the link:
http://www.drudgereport.com/
Seriously though:
Rangel is proposing lowering corporate tax not increasing it from the current 35% to 30.5%. The ones that would get hit hardest in his trillion dollar tax increase would be small unincorporated business and family farms. This will cause most in that category to abandon sole proprietorship and incorporate for the more favorible rate and negate the revenue he anticipates. It would, however, be a boon to lawyers and accountants.
October 26th, 2007 at 10:15 pm
Oh please manapp99 let me read the state sanctioned orthodoxic poli-lexic ramblings of the minitru, you act as if Armitage is the next Emanuel Goldstien for coming clean when its Libby who commited the same offense and then tried to hide it along with Rove, and the VP still claims its above the executive and will not release the documentation. We’ve got your ilk lock stock and barrel the question is how much longer you acuse others of thought crime.
October 27th, 2007 at 7:49 am
manapp, you need a TAX notice. Foreign corps that do business here are taxed here. CHENEY CHIEF of STAFF was told BY CHENEY to RAT OUT a CIA AGENT. Libby did not know Armitradge said something SO LIBBY LIED to protect Cheney’s worthless ASS. The STATE DEPT did NOT Trust GWB or CHENEY. Try to get your FACTS straight. OH! that’s RIGHT, Manapp does NOT believe in FACTS just spew the GWB LIES & DECEPTION game. GWB said whoever released the name would be fired except GWB would have to fire himself. IMPEACH BUSH.