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November 13, 2007
Cause we find ourselves in the same old mess singin' drunken lullabies
So, imagine you’re paying your taxes, filling out the paperwork, tracking down the receipts, you get to the end and wham, you have to fill it all out again. Using different rules. This is the Alternative Minimum Tax (AMT). The rules themselves are neither bad nor confusing, but the act of filing twice is maddening. And so Democratic lawmakers decided to give us a break and push the AMT threshold up a bit. This will cost roughly US$80Billion.
How do we make up for that? Well... we can either cut services—roads, schools, military courts, etc; or we can raise taxes elsewhere. Democrats decided to close a loophole that has been allowing investment bankers to only pay a 15% tax. For some strange reason, President Bush vetoed the bill.
"Preventing a tax increase in one area should not be an excuse for raising taxes in other areas," he said. "Congress should eliminate the tax increases in the bill and send the AMT relief to my desk as soon as possible." link
Republicans want to A) Cut taxes B) leave spending where it is and C) not make the very rich pay the same tax rates as the rest of us. Its tempting to be demagogic and outraged by this behavior. I’ll simply let these facts speak for themselves.
Posted by Andrew at November 13, 2007 07:37 AM
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