Democrats Seek Formula To Blunt AMT
One Plan Would Impose Surtax Of 4.3% on Richest Households
House Democrats looking to spare millions of middle-class families from the expensive bite of the alternative minimum tax are considering adding a surcharge of 4 percent or more to the tax bills of the nation's wealthiest households.
Under one version of the proposal, about 1 million families would be hit with a 4.3 percent surtax on income over $500,000, which would raise enough money to permit Congress to abolish the alternative minimum tax for millions of households earning less than $250,000 a year, according to Democratic aides and others familiar with the plan.
Rep. Richard E. Neal (D-Mass.), chairman of the House subcommittee with primary responsibility for the AMT, said that option would also lower AMT bills for families making $250,000 to $500,000. And it would pay for reductions under the regular income tax for married couples, children and the working poor.
All told, the proposal would lower taxes for as many as 90 million households,(story continued Tax on Rich)
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What a rip-off. The only fair tax is a fixed percentage. No sliding scale or anything like that or even this stick it to the rich attitude. I'm not rich, but I'm trying to get there.
Hold your breath if you believe that. Taxes are good for no one as the money seems to get wasted on things we would never buy. The entire tax code needs an overhaul not this nickle and diming of people. The should index it to infaltion if they do things like this. The real question is 4.3% of what, what would they tax? Could this hurt others to loose their jobs?
Socialism is based on the redistribution of wealth. Hate to say it but the "progressive" movement that the Dems love is nothing but pure socialism. This tax is a clear example. They just tried passing something similar in Minnesota. Dems wanted to increase the state tax on the wealthiest up to 9% and then take that money and give it back to middle class property owners in the form of property tax relief. The lowest bracket of "wealthiest" was $250,000! I am sorry, but many people in that bracket are dual income household, are taxed to death, and so when the finally numbers are done, don't' really make that much money. Why don't the Dems just trim the pork fat that is attached to alot of these bills and save us all money. Oh, and I bet the Dems made sure that they are exempt from the tax increase you speak about.
Remember, when that great socialist Dwight Eisenhower was President, the tax on the wealthest individuals was 90%. The tax distribution system now is ridiculous and is driving us into a class-stratified society that will ultimately destroy our economy. If we don't take care of our poorest, what kind of society are we? Meanwhile, the middle class disappears and our infrastructure falls apart.
This just seems so unfair. Why should the rich, who support the economy more than anyone else, be penalized? Just seems very, very unfair to me.
I can see the unfairness as well...percentages do sound good. Where much is given...much is required. Is it possible that we do the rich a favor by not allowing them the opportunity to give more?