Democrats back the extension of tax cuts benefiting the middle class, as well as protecting them from the alternative minimum tax. They would also like to keep the estate tax from reverting back to pre-2001 levels, when estates worth roughly $1.2 million were slapped with a 55 percent tax.
Most tax lobbyists expect Congress to extend these measure for two years, which some congressional sources say could cost more than $250 billion.
Also, under pay-as-you-go rules, a two-year extension of these provisions does not have to be offset.
Wednesday, June 30, 2010
Tax Gridlock: A Two-Year Solution?
From The Hill's On the Money:
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1 comment:
Harry Reid is blaming this delay on addressing taxes on Republicans??? That doesn't pass the laugh test.
It's easy to say "extend the tax cuts only for middle income levels" but a lot harder to write a tax code that does that. We're talking about the mother of all phase-out rules, because what really happens is that everything gets extended but new rules take away the benefit at higher income levels.
Remember when Reagan got the economy going again? By simplifying the tax code and easing the regulatory burden? How about if we try some of those ideas again?
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