April 9, 2007

AMT REFORM, SAID THE SPIDER TO THE FLY:

U.S. Democrats seek to lead the way in tax overhaul (Edmund L. Andrews, April 9, 2007, USA Today)

House Democratic leaders, in an effort to upstage Republicans on the issue of tax cuts, are preparing legislation that would permanently shield all but the very richest taxpayers from the alternative minimum tax, which is likely to affect tens of millions of families as early as next year if it is left unchanged.

The effort, which lawmakers emphasize is still in its early stages, would exempt millions of people from the tax but would have to come up with a way to offset an enormous loss of revenue in the next decade. Measured in dollars, it would be far bigger than Democratic initiatives to provide money for children's health care, education or any other spending program.


The GOP can totally discombobulate the Democrats by helping with the tax cut but bottling up the off-sets. His legacy is already pretty astounding, but one more massive tax cut on W's watch would really gild the lilly.

Posted by Orrin Judd at April 9, 2007 6:53 AM
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