Posted on 10/26/2005 2:19:24 PM PDT by Cindy_Cin
Next week, the President’s Advisory Panel on Federal Tax Reform will issue its report. According to press leaks, its principal recommendation will be to eliminate the Alternative Minimum Tax and pay for it by scaling back deductions for mortgage interest, state and local taxes, and health insurance. This is necessary because President Bush mandated that the commission’s proposals be revenue-neutral—neither raising nor lowering aggregate federal revenues.
Almost all economists on both the left and the right decry the AMT and welcome its abolition. It is complicated, time-consuming to calculate, and increasingly impacts on those in the lower and middle classes who were never meant to bear its burden. This results from the fact that the income threshold that triggers the AMT has not been increased permanently since the tax was imposed in its current form in 1986
(Excerpt) Read more at humaneventsonline.com ...
What a shocker!
Whatever these guys were paid, it was definitely too much.
ROFL.......
They're asked to investigate things like the flat tax, "fair tax", and/or other such consumption based taxes.........
And all they can deliver is tax increases. Bush needs to fire them and hire new.
Another Andy Card butcher job? That guy has to go.
Does anyone still think Bush is a conservative? Where's his cry for making the tax cuts permanent?
Whatever happened to making the Bush tax cuts permanent?
And how about just repealing the AMT altogether and drop this idea of "how do we pay for it?".
CUT SPENDING!! But this is something our "Republican" congress never seriously considers because they are too busy paying off their contributors with pork projects. Rather than discipline themselves they apparently look to raise taxes by cutting or eliminating deductions.
I don't know if gridlock is best. The problem is that gridlock probably will not reduce spending much as BOTH parties are now committed to expanding government and have proven to be out-of-control spendthrifts. Also gridlock does not prevent the courts from imposing goofy and destructive social engineering.
Abolish the IRS, Dept. of Education, Corporate Welfare, the War on Drugs....that will save trillions.
I love it~!! Think anyone in DC is listening?
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