Saturday, September 24, 2005
The George giveth and the George taketh away.
Today in the NYT we get an article on a new report, prepared by the staff of the Congressional Joint Committee on Taxation.
Over the next 10 years, Americans will not receive nearly $750 billion in tax cuts sponsored by President Bush because the cuts will be offset by the alternative minimum tax, a new report by Congressional tax specialists shows.Seems like Voodoo Economics is a Bush family favorite. And this point probably brings the biggest smirk to the face of Our Dear Embattled Leader.
The report, prepared by the staff of the Congressional Joint Committee on Taxation, said that from 2006 to 2015, Americans would pay as much as $1.1 trillion more under the alternative minimum tax, partly as a result of the Bush tax cuts.
The Bush tax cuts reduced the bill for millions of taxpayers to a level that will subject them to the alternative minimum tax instead of the standard tax rate. As a result, the report said, their tax savings would be reduced by a total of $739.2 billion over the 10 years.
Families with children, who own their homes will be hit hardest by the increased alternative tax.Got to prepare the children for their lot in life.
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