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Tax panel leans toward AMT repeal
MarketWatch ^ | 5/20/2005 | William L. Watts

Posted on 07/20/2005 12:51:23 PM PDT by Your Nightmare

Members of President Bush's advisory panel on tax reform largely agree that the individual alternative minimum tax, or AMT, should be fully repealed the committee's chairman said Wednesday.

"I think the obvious consensus was on the AMT on the individual side. We didn't end up with a consensus on the corporate side, even though I think it's fair to say that I think all panel members felt the corporate AMT was really not an effective way to tax," Chairman Connie Mack, a former Republican senator from Florida, told reporters after a public meeting of the committee.

The AMT is a parallel tax system created in 1969; it was enacted after it was revealed that a handful of extremely wealthy Americans paid no income tax. But thresholds for the AMT were never indexed for inflation. As a result, it has encompassed or threatened a growing number of middle-income taxpayers over the years. Lawmakers and administrations have responded by temporarily pushing up the threshold, but have yet to come up with a complete fix.

It's also become a substantial revenue source. Full repeal would reduce revenues by more than a trillion dollars over 10 years.

During the panel discussion, committee member Bill Frenzel said he agreed that it was time to "bite the bullet" and press for full repeal, but warned that doing so will put a "huge burden" on the panel to find a way to make up the lost revenues.

The panel's vice chairman, former Democratic Sen. John Breaux, said that while he's not a fan of the AMT, the panel must examine whether the full repeal of the system would allow some of the nation's highest earners to get away with paying no tax at all.

Mack replied that if that were the case, the committee would have to make adjustments in order to maintain roughly the same tax burden on the upper quintile of earners that is now in place.

The panel members agreed that changes to the corporate AMT would best be tackled as part of a broad corporate tax reform, Mack noted.

The committee, formally known as the President's Advisory Panel on Federal Tax Reform, must present the Treasury Department with a set of tax-reform proposals in September.

Bush has set a number of ground rules for the panel, however. The proposals must be revenue-neutral. Also, future tax measures can't touch the code's most sacred cows -- mortgage interest deduction and charitable giving.


TOPICS:
KEYWORDS: fairtax; taxes; taxreform
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To: Your Nightmare

How about discussing the tax reform subjects that have been pointed out to you - flat tax and the underground economy, etc.

Is it that you don't know the effect or that you know it to be insufficient and inferior???

Perhaps, since it is so superior you could just set us all straignt, Nightie. Howsabout it - it is, after all (supposedly) your favored tax plan.


321 posted on 07/23/2005 3:26:17 PM PDT by pigdog
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To: Your Nightmare

Like the old country song says: if 10% is good enough for Jesus, it oughta be good enough for uncle sam!!!!!

No deductions..no nothin...flat 10% ...someone with a calculator that doesn't say made in china and came from wally world figger up how much that would be!!! I took my shoes off and unzipped my zipper and still can't get past 21!!!!!!!!


322 posted on 07/23/2005 3:33:43 PM PDT by cajun-jack
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To: Your Nightmare

"Y'all do have a Fanboy playbook. Why else would everyone one of you continually accuse people of saying things but then not want to 'waste your time' finding the specific posts?"

Ok, ok, you asked for it.

12/24/2004 Why Seniors Support the FairTax.


To: Your Nightmare

"I believe all options are on the table, but it seems obvious that the Bush Admin is leaning heavily toward modifying the current system. Bush got hammered the only time he mentioned a NRST. He's not going there again."

As for all options being on the table, I don't think that is technically correct. I have heard of no one but you say that "nothing" is an option. If there are other proponents of that approach, would you mind identifying them?

As to Bush getting "hammered", and being too intimidated to pursue the sales tax option, you are once again incorrect. When questioned at a campaign stop in Florida before the election, when specifically asked about hr25, he said that it was an interesting idea that ought to be studied. When subsequently asked if he was proposing that, he said that he had a process in mind and that it would be premature to short cut that process. He did NOT contradict himself by saying that he no longer considered it an idea worth studying, nor did he say in Florida when responding to the initial question that it was his preferred approach. The fact that the mainstream media tried to spin it as a reversal of course does not make it so, any more than your attempts to reinforce that view. According to an independent media analysis, the press coverage in this election was the most one-sided since they have been tracking it, and it was NOT in Bush's favor. Those with another agenda spin that sequence as backpedaling on Bush's part; more objective observers know otherwise.

Secretary Snow's comments last Sunday on Chris Wallace's morning talk show reinforced that interpretation. In that interview, Wallace tred to get Snow to rule out some of the more "radical" alternatives, such as a sales tax or flat tax and the Secretary very pointedly refused to do so. I posted that exchange on a previous thread and no reasonable person would interpret that as the administration ruling out a sales tax at this point. These are the public statements that the administration is making; I have no idea what they are actually thinking and, contrary to your arrogant pronouncements to the contrary, neither do you.

As to the President getting "hammered" for saying that a sales tax is worthy of study and consideration, what do you think the public response would be if the administration publicy adopted your preferred approach - "nothing"?

610 posted on 12/24/2004 9:37:00 AM MST by phil_will1
http://www.freerepublic.com/focus/f-news/1304708/posts?page=610#610


323 posted on 07/23/2005 8:54:56 PM PDT by phil_will1
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To: Always Right

"No, only in fair taxers threads, since fair taxers are by far the worst name-callers on this forum."

I would say that a casual review of this thread would contradict that point.

In addition, I find it interesting that you and your SQL buddies use screennames like "Your Nightmare", "Final Authority" and "Always Right" and then get offended if someone pokes fun at your arrogance and condescension. What is the old southern saying "It's a dog eat dog world and I'm wearing milkbone underwear"? I'm sure that it seems that way to you guys many times.

Show some respect for those who don't immediately adopt your opinions as their own and you might see a shift in tone.


324 posted on 07/23/2005 9:06:28 PM PDT by phil_will1 (My posts are in no way limited by previously expressed SQL opinions)
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To: Your Nightmare

Sorry, YN. We don't have all your posts cataloged like you have ours.


325 posted on 07/23/2005 10:13:40 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Always Right

That's a far cry from calling someone an idiot, a moron, or a whore.


326 posted on 07/23/2005 10:14:20 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Your Nightmare
So calling you a Status Quo Lover is an insult and calling us fanboys, cultists, joke, idiot, moron, whore, Scientologist, etc. is not?

And it's compliment, not complement.

327 posted on 07/23/2005 10:17:18 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Always Right
Bazaar conclusion? You got the conclusion at a rummage sale? Could you possibly mean bizarre?
328 posted on 07/23/2005 10:20:33 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Always Right

Don't let the screen door hit you on the rear on your way out.


329 posted on 07/23/2005 10:21:13 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: phil_will1

Oh, I am definitely for the rebate vs. exemptions! I just think everyone should pay the same rate.


330 posted on 07/23/2005 10:22:53 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: phil_will1

Fart taxers. Hmmm... that's a new one. At least shows a little creativity.


331 posted on 07/23/2005 10:24:07 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Always Right

No, you just think it's going to put an end to your home building business.


332 posted on 07/23/2005 10:25:49 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: phil_will1
Illegal immigrants, foreign visitors and the underground economy will be taxed, unlike the present system.
What about all those "imbedded" taxes in every product they buy under "the current system?

You can't have it both ways. Which one is the lie?

333 posted on 07/23/2005 10:26:30 PM PDT by lewislynn ( Is calling for energy independence a "protectionist" act?)
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To: Always Right

I'll quit calling you Always Wrong it you quit using whore in every thread.


334 posted on 07/23/2005 10:26:47 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Final Authority

BS


335 posted on 07/23/2005 10:28:25 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Your Nightmare

Fanboy 3 times.


336 posted on 07/23/2005 10:31:04 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Your Nightmare

Why the flat tax?


337 posted on 07/23/2005 10:31:40 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Your Nightmare

So if the flat tax is not an income tax, if the 16th amendment was repealed could you have the flat tax?


338 posted on 07/23/2005 10:33:50 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Your Nightmare

Ignorant Fanboy of the Status Quo


339 posted on 07/23/2005 10:38:36 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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To: Final Authority

Ask any child. They will tell you what's fair.


340 posted on 07/23/2005 10:41:21 PM PDT by rwrcpa1 (April 15. Let's make it just another day.)
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