House Democrats propose tax overhaul

[NaturalHigh]

WASHINGTON - The House's top Democratic tax writer on Thursday unveiled a $1 trillion plan to repeal the alternative minimum tax and lower the tax burden of most lower- and middle-income people.

The proposal would be paid for by requiring the wealthy and some corporations and investors to contribute more.

In laying out the plan that would effectively rewrite many of the tax policies put in place under Republican control of Congress, Rep. Charles Rangel of New York said the changes would bring a net tax reduction to almost all families with incomes under $500,000 and that some 91 million families would receive tax relief.

More at Yahoo...

Anybody want to bet on whether or not this actually happens?

[bryant69]

1. it's unlikely to happen this year

Bush would certainly veto it if passed. But it could happen down the road.

Bryant
Check it out --> http://politicalcomment.blogspot.com

[sutz12]

2. Waaaayyyy too rational to pass under the Chimpster...

Forward looking, though, it is good to see some progressive plans being floated.

[Vincardog]

3. The rePIGS will block it unless it included extending the break on inheritance and capital gains.

The rich must be protected from ever paying their fair share.

[TahitiNut]

4. Doesn't everyone know that UNEARNED income is privileged?

God forbid that unearned income (e.g. dividends, capital gains, inheritance) be taxed at the same rates as EARNED income. After all, the income received from the labors of others is the holy-of-holies in the "trickle-down" world of plantation economics. Those workers must pay for the privilege of enriching their owners.