Free Republic

WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials. With a special joint Congressional committee starting work to reach a bipartisan budget deal by late November, the proposal adds a new and populist feature to Mr. Obama’s effort to raise the political pressure on Republicans to agree to higher revenues from the wealthy in return for Democrats’ support of future cuts from Medicare and Medicaid. Mr....

"WASHINGTON - Congress won't address the growing reach of the alternative minimum tax this year, leaving more than 15 million individuals and families subject to its bite for the first time next year. Senate Majority Leader Bill Frist (R., Tenn.) told reporters yesterday that legislation addressing the alternative minimum tax would not be completed this year. Lawmakers can act next year to make retroactive changes that ensure taxpayers do not pay more in 2006, but millions will start the year in its grasp."