Two tax articles

Democrats and the AMT

Excerpt:

This year more than three million taxpayers will be hit by the Alternative Minimum Tax on their 2006 income. But next year that number could rise to 23 million unless Democrats in Congress come up with a way to halt the juggernaut that is the AMT. The fixes that have been put in place the past few years have expired, and if nothing is done nearly one in five filers will be caught short by a tax that was created in 1969 to target 21--yes, 21--millionaires who had managed to avoid paying any taxes at all.

Comment: A tax designed to close the loophole on just 21 tax payers ... now set to catch 23 million! For a good read: The Fair Tax Book: Saying Goodbye to the Income Tax and the IRS


Case Closed - Tax cuts mean growth

Excerpt:

The richest 1% of Americans now pays 35% of all income taxes. The top 10% pay more taxes than the bottom 60%.

Now, as before, politicians are itching to fund their pet projects with the short-term revenue increases that come from tax hikes, ignoring the long-term pain they always cause. Unfortunately, the tax cuts that have produced our record-breaking government revenues and personal incomes will expire soon. Because Congress has failed to make them permanent, we are facing the worst tax hike in our history. Already, worried investors are trying to figure out what the financial landscape will look like in 2011 and beyond.

Comment: I've made peace with my taxes. I just pay them and don't complain. But it's a fact that this country needs tax reform! I'm not optimistic! Check out Fairtax.org and select "compare the fair tax to income tax".