Interesting that the capital gains tax almost ties the estate tax for second place.As online WSJ subscribers can read today, President Bush may be willing to increase income taxes on the rich in order to pay for a fix to the AMT.
For instance, one proposal would pay for a two-year AMT fix with a package that included higher income tax on those making over $400,000.
For the longer term, the WSJ reports, Democrats are considering defanging the AMT by exempting taxpayers with incomes no greater than $250,000.
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1 comment:
A $250,000 AMT exemption comes so close to total repeal that they should just do the right thing and eliminate it. But they can't, it would "cost" too much under static revenue forecasting models.
Growth-minded Congressmen should take this opportunity to impose dynamic scoring of tax changes. They may not be more accurate than the current system, but they could hardly be less accurate.
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