Mother of all Tax Bills?
Oct 24, 2007 05:36 PM EST
The word is that Chairman of the Ways and Means Committee Charlie Rangel (D-NY) will introduce he is calling the “Mother of all Tax Bills” tomorrow.
Rumors are that it will do two good things:
1.) Eliminate the Alternative Minimum Tax (AMT);
2.) Lower the Corporate tax rate from 35% to 30.5%
However, it is also rumored to do many bad things including:
1.) New higher rates for all incomes of $150,000(single) and $200,000(joint);
2.) Repeal many business tax deductions including the LIFO inventories and section 199 manufacturer’s deduction.
This is clearly not the entire bill but one thing is for sure; it will increase taxes by nearly a trillion dollars. I don’t need to explain to you that it will take a lot of taxpayer’s paying a lot more taxes to make up for a trillion dollars.
John Campbell
Congressman John Campbell was first elected to Congress in December of 2005. He brings with him to Washington a quarter century of experience in the business world and a record of accomplishment in both chambers of the California Legislature.
Congressman John Campbell represents California’s 48th Congressional District which encompasses Newport Beach, Irvine, Tustin, Lake Forest, Laguna Beach, Laguna Hills, Laguna Woods, Laguna Niguel, Aliso Viejo, Dana Point and parts of San Juan Capistrano and Santa Ana.
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