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The [[110th Congress]] is considering ways to alleviate the tax burden originally intended for "the rich," but more and more Americans of average and moderate income are being caught up. Unlike personal income tax, the AMT rates are not indexed for inflation. In the past, in response to demands from the electorate, the Congress often placed the burden of taxation on "the rich," and did not grant protection from inflation by indexing.
The [[110th Congress]] is considering ways to alleviate the tax burden originally intended for "the rich," but more and more Americans of average and moderate income are being caught up. Unlike personal income tax, the AMT rates are not indexed for inflation. In the past, in response to demands from the electorate, the Congress often placed the burden of taxation on "the rich," and did not grant protection from inflation by indexing.
The Joint Committee on Taxation now reports that indexing the AMT tax rates would explode the deficit by $370 billion over the next several years. [http://www.cbo.gov/showdoc.cfm?index=5386&sequence=0] The Center on Budget and Policy Priorities states repealing the AMT, without other tax increasess to make up the shortfall, would add $1.2 trillion to the deficit, and widening over the next decade, with deficits as far as the eye can see. [http://www.cbpp.org/6-9-05tax.htm] To put that in perspective, total revenues to the U.S Government in FY 2006 were $2.4 trillion.
The Joint Committee on Taxation now reports that indexing the AMT tax rates would explode the deficit by $370 billion over the next several years. [http://www.cbo.gov/showdoc.cfm?index=5386&sequence=0] The Center on Budget and Policy Priorities states repealing the AMT, without other tax increases to make up the shortfall, would add $1.2 trillion to the deficit, and widening over the next decade, with deficits as far as the eye can see. [http://www.cbpp.org/6-9-05tax.htm] To put that in perspective, total revenues to the U.S Government in FY 2006 were $2.4 trillion.
[[category:politics]]
[[category:politics]]