Bush Tax Panel idea would allow some wealthy Americans to avoid all taxes

[Bush_Eats_Beef]

http://www.bloomberg.com/apps/news?pid=10000087&sid=auSmDnd5a_rg&refer=top_world_news

July 20 (Bloomberg) -- President George W. Bush's tax advisory panel will recommend repealing the Alternative Minimum Tax, said former Senator Connie Mack of Florida, the panel's chairman.

``The consensus is that we will repeal the AMT,'' Mack told reporters during a meeting of the panel in Washington.

The AMT, originally created by Congress to ensure that wealthy people don't avoid taxes by using excessive deductions, is projected to affect 40 million Americans with incomes as low $50,000 by 2010. It is projected to raise $100 billion in revenue for the government over the next decade. Mack said the tax panel would have to take into account this shortfall as it crafts other recommendations for changes to the tax code.

Two panel members, Vice Chairman John Breaux, a former Louisiana senator, and Elizabeth Garrett, said they were concerned that repealing the minimum tax would allow some wealthy Americans to avoid all taxes. Mack said the panel would address these concerns, though he offered no specifics. The nine-member panel is holding its first public deliberations today and will make recommendations to Bush by Sept. 30. Bush, who signed into law five tax cuts totaling more than $1.85 trillion during his first term, made overhauling the tax code a priority of his second term in his Feb. 2 State of the Union address. He said the 3,000-page tax code is too complex and discourages savings.

[kestrel91316]

1. Yep, can't have those poor abused billionaires paying taxes ..............

it's NOT FAIR!!

[Literate Tar Heel]

2. not only is it not fair

to expect them to pay taxes, but think how embarrassing it must be for them when they're filling out the forms and under "Occupation", they have to put "war profiteer" ... (or possibly "Iraq" for those who misunderstand the question)

[driver8]

6. We also don't want them to have to divulge just how much money

they actually stole from the government. That might be a little embarrassing for them.

We wouldn't want that.

[SF Bay Area Dem]

3. I work hard for my money....

...and I am certainly not a billionaire... however, I was hit to the tune of 60k (USD) courtesy of the AMT this past tax year. My point here is it (the AMT) is hitting a class of Americans that is was never intended to effect. My real estate holdings and various mortgage interest write-offs are effectively wiped out because of the effing AMT...

Another example is the tens of thousands who lost their stock options when the market crashed in 2000. They were still responsible for paying thousands in AMT as they were taxed at the rate the options were exercised and not the value at the end of the tax year... many were screwed beyond belief as they also lost their jobs via the layoff's and Republican outsourcing of their jobs to India etc...

Republicans/ corrupt conservatives are not necessarily interested in repealing the AMT as they figured out it primarily effects the blue states and KKKarl Roves (the real guy in charge) attitude to us is 'DROP DEAD!'.

[Fescue4u]

4. Repealing/revamping the AMT is a good idea actually

Originally it was designed to stop a very small minority of wealthy Americans from escaping all fed taxes.

Todays it has become a trap for even lower income americans due to flaws in its design. Unless its fixed eventually, it will ensare the majority of americans in the coming decade.

With that said, I still support it ORIGINAL idea and would support a plan to put to restore the AMT back to its original intent.

But as it is today (and will be tomorrow), its a nasty boondoggle

[Tux]

5. I agree with easy tax code

One page, front only, so easy anyone can do it. Just have a % for feds, a % for state, % for county (all 3 from paycheck income and stock options at value of the filing), minus deductions (with documented proof) for donations to non-profits including churches, minus 10% for military personel (active) (6% for reserve and vets), and plus flat $100 or so per person.

No taxes each paycheck. Each tax season, you figure up your taxes, pay, and move on. Might not work but it's an idea.