Reading the Wall Street Journal this morning, I came across this: “Democrats Focus On Tax Relief For Middle Class", by Sarah Lueck. That is if you happen to be a subscriber.
“The AMT dates back to the late 1960s when Congress discovered that a small number of upper-income households had managed to avoid federal income taxes entirely by exploiting deductions, credits, loopholes, and shelters. The AMT has been adjusted since. But because it has never been indexed for inflation, rapidly growing numbers of taxpayers are vulnerable to its bite. The Treasury estimates that unless Congress acts, more than 23 million households will be affected by the AMT in the current tax year, many with incomes below $100,000.”
Republicans seemed to have been unable to touch this problem in the tax code. Perhaps, like Nixon making overtures to Communist countries, it takes a politician from the political party traditionally opposed to such things to be able to succeed. Charles Rangel is pushing this. When Republicans pursued this issue, they were accused of pandering to the rich. No one would dare accuse Charley Rangel, now chairman of the Ways and Maens Committee, of so pandering. read more »
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