The House voted Wednesday to protect more than 20 million upper-income taxpayers in danger of being slapped with the alternative minimum tax (AMT, to the tune of $2300.00!
It passed 233-189 on a mostly party-line vote.
House Democrats insisted that fixing the AMT must not add to the federal deficit, inserted about $61.5 billion in new revenues. Much of this new revenue will come from making hedge fund managers and oil and gas companies pay more.
“If indeed we do nothing, $61 billion of tax burden is going to fall on 25 million good American taxpayers. And we want to fill that gap of the $61 billion. The other side says it doesn’t exist,” House Ways and Means Committee Chairman Charles Rangel, D-N.Y. said.
Am I missing something here? Maybe Charlie Rangel can explain it to me?
Pardon me Charlie and my Democratic controlled House, but why are we so worried about a tax break for the rich right now…in a recession…during an election year when you have a very good chance at winning the White House…with gas prices at an all time high?
The only people being helped here are tax payers making more than $127,000 per year.
Some quick facts for the Democrats are in order I think.
First of, it seems that the Dems are continuing to suffer under the same delusion that the Republicans suffer from.
MOST AMERICANS MAKE LESS THAN $127,000!!!!!!!! IN FACT, MOST MAKE LESS THAN $75,000!!!!!!!!
Who cares if the pampered get hit! It’s about time they got hit! They have been riding Bush’s tax cuts like a circus elephant and crying poor for years, while Joe Q. Public middle class taxpayer, is receiving the brunt of $4.25 per gallon gas, a 25% increase on food, and skyrocketing taxes at the local level!!!
Is Charlie and the rest of the Democratic leadership kidding?
If they pass this and they try to fill a $61 billion revenue shortfall by passing $13.6 billion of the costs on to oil and gas companies – who do you think they are going to pass the cost to Charlie????
Me and all of my neighbors struggling to get to work, you fool!!!!!!
How many times do we need to go through this?
In the 2006 tax year, only a few taxpayers with incomes as low as $40,000 were affected by the alternative minimum tax, according to figures kept by the congressional Joint Committee on Taxation. About 10 percent in the $100,000 to $200,000 income bracket were affected by the tax, and 74 percent in the $200,000 to $500,000 income range had to pay it.
I say, if Bush wants his precious tax cuts for the rich and stick it to the middle class, then the Democrats should shelve this altogether and give it right back to the rich – make them pay the $2300.00 and shut up about it. They’re not voting Democrat in November anyways so who cares.
But will they? It’s pretty clear the House Democrats won’t.
Ironically, Senate Republicans have strongly opposed the extension of existing tax breaks this year if accompanied by increased tax revenues elsewhere.
Don’t be duped. The Democrats are taking care of their own – namely fat cats making big dollars while using our Democracy as a policy whore to pad their wallets. To hell with gas subsidies, or a ‘real middle class stimulus package.’
No sir. We need to put $2300.00 back into the pockets of doctors, lawyers making a half a million a year or more.
The Democrats are really starting to disgust me.
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