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110th United States Congress (view source)
Revision as of 01:36, July 10, 2007
, 01:36, July 10, 2007→Tax increases: cite
The ''[[Wall Street Journal]]'' reported in April House Ways and Means Chairman [[Charlie Rangel]] effectively declared the death of [[Reaganomics]] in America. Democrats have come up with an idea to slow the 17 million middle class Americans subject [[Alternative Minimum Tax]] (AMT). Changes in the AMT rate, and the treatment of dividends and capital gains, still leaves the budget at least $600 billion short of paying for the AMT fix. House Democrats have acknowledged that to close this final gap, they will have to consider raising personal income taxes.
The ''[[Wall Street Journal]]'' reported in April House Ways and Means Chairman [[Charlie Rangel]] effectively declared the death of [[Reaganomics]] in America. Democrats have come up with an idea to slow the 17 million middle class Americans subject [[Alternative Minimum Tax]] (AMT). Changes in the AMT rate, and the treatment of dividends and capital gains, still leaves the budget at least $600 billion short of paying for the AMT fix. House Democrats have acknowledged that to close this final gap, they will have to consider raising personal income taxes.
The top AMT rate would increase to 31.5% from 28%. Democratic tax experts also recommend eliminating the lower rate for capital gains and dividends for those subject to the AMT. This would raise the capital gains tax rate to about 31% from its present 15% rate. <ref>Stephen Moore, Op-Ed, [http://online.wsj.com/article/SB117789342653886488-search.html?KEYWORDS=tax&COLLECTION=wsjie/6month $650 Billion Tax Hike,] ''The Wall Street Journal'', 4/30/07.</ref>
The top AMT rate would increase to 31.5% from 28%. Democratic tax experts also recommend eliminating the lower rate for capital gains and dividends for those subject to the AMT. This would raise the capital gains tax rate to about 31% from its present 15% rate. <ref>[http://online.wsj.com/article/SB117789342653886488-search.html?KEYWORDS=tax&COLLECTION=wsjie/6month $650 Billion Tax Hike,] Stephen Moore, Op-Ed, ''The Wall Street Journal'', 4/30/07.</ref>
== Other Congresses ==
== Other Congresses ==