GOP 'tax cut' stimulus: Raise taxes on 26 million.

[SirNitram]

Ways and Means spokesman, Matthew Beck.

In 2008, 4.2 million Americans had to pay the Alternative Minimum Tax (AMT). The Republican proposal would lower marginal tax rates for individuals, but would not reduce AMT rates. Current law requires you to pay the greater of the two rates, so many of those receiving this lower marginal rate would now be held liable for the AMT.

There is no question that Congress needs to — and will — act to prevent the number of taxpayers hit by the AMT from growing to an estimated 26 million this year. However, we confirmed with the non-partisan Joint Committee on Taxation that 26 million people would still be forced to pay the AMT this year under the GOP bill. Essentially, their tax bill would give with one hand and take away with the other, leaving 26 million families without the tax cut they promised in their bill.

To explain what the hell this means:

Years ago, after the seeing the creative use of deductions by the wealthy to pay no taxes, someone put forth a simple law: A minimum you would have to pay if you made too much money. Simple, to the point. You can't, if you're making millions, owe no taxes.

Inflation happened. Now 26 million, mostly middle class, would have to pay even more taxes because there's massive resistance to a permenant change. There's an annual frenzy to pass a 'patch' to limit the carnage.

Guess What The Republican Version Didn't Have In It.

[frigidmagi]

Link?

Still damn dude. That's pretty brazen.

[SirNitram]

WhoRunsGov, a Washington Post website/blog that has folks whose jobs seem to basically be running across the capital and recording what's said and done.

So basically, more real work than the WaPo editorial writers do in a decade.

Link

The writer, Greg Sargent, is pretty good. The link includes his views and the response, which is: 'Wah, stop LYING, just because our bill removes the AMT patch yours has, we'll get to it EVENTUALLY.'

[The Minx]

OP leaders — led by John Boehner and Eric Cantor — have spent days bashing the economic stimulus package being touted by President Obama and Democrats because it doesn’t sufficiently cut taxes.

But is it possible that the alternative plan House Republicans unveiled as a more responsible approach earlier this week would have actually raised taxes for untold numbers of Americans?

I wonder whether the only thing that matters to these guys when it comes to cutting taxes is how much gets cut, not how many people get the cut. Or is it an issue of who gets the cut? Surely not...


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Here is the response:

These are the type of untruths spread by House Democrats that continue to undermine President Obama’s desire to work together to provide real solutions to the challenges faced by hardworking Americans. This is nothing short of a total fabrication, as there will be no more people subjected to the AMT under the Republican jobs plan than the Democrat spending bill. In fact it is likely that the Republican plan would subject less to it.

The truth of the matter is that both plans address the AMT and were written under the assumption that the regular AMT patch would be passed by the end of the year, just as Congress has done this entire decade. The very fact that the Democrat Ways and Means Committee is so obsessed with discrediting the Republican plan to create jobs instead of promoting their own spending plan brings into question their motives.

[SirNitram]

'I swear, we'll do it eventually..'

'What have we EVER done to make people doubt our support of the working class?'

[The Minx]

Perhaps if they were to fix the AMT first, they would be met with less skepticism. I doubt that will happen.