[RAMBLINGS] Bu's Views 12October2005 - Tax Reform Panel==Raise Taxes

MarkBureau.us ^ | 12October2005 | Mark Bureau

[bu9418]

Tax Reform Panel's Idea of Tax Reform? Raise Taxes
President Bush's Panel on Tax Reform has leaked what appears to be a peak at what it will recommend in overhauling and reforming the Federal Income Tax Code. Their recommendation so far? It's to raise taxes under the guise of eliminating the Alternative Minimum Tax. Without a detailed history lesson, the Alternative Minimum Tax (AMT) law was passed in the late 1960's because 155 Americans who earned 200,000 dollars or more used legal loopholes to almost eliminate their entire income tax liabilities. Congress closed the loopholes with the AMT yet never put in any provisions for standard inflation. Hence, now millions of middle class Americans . . .