Sunday, November 11, 2007

Joe Screws the Middle Class Again

Joe Knollenberg voted against middle-class taxpayers again by voting against a bill that will protect middle income taxpayers from a tax that was meant to only affect wealthy people.

CLICK HERE to read the entire article

The AMT was created in 1969 to ensure that a very small number of wealthy people could not use tax breaks or deductions to avoid paying any taxes. But it was never indexed for inflation, and every year the AMT draws in more middle-income taxpayers. This year some 4 million people were subject to the tax.

What is certain is that if Congress and the White House do not reach acompromise by the end of the year, anywhere from 21 million to 25 million middle-income taxpayers will be hit by the AMT, costing them as much as $2,000 in extra taxes.

But anti-tax Republicans said the AMT was a mistake and thus offsets were unneeded. "What absolute lunacy," said Rep. David Dreier, R-California, "paying for a tax that was never intended."

Democrats argued that 23 million people in danger of getting hit by the AMT would be protected by tax changes affecting some 50,000 people earning carried interest.

1 comment:

MIKE said...

When will people get it into their heads that only the very weathly are taken care of by Repugnantcons. 'Higher taxes' Republican talking point is a bait and switch con job used by the Right to line the pockets of the rich and powerful. Time for change! Time for change!!!