September 14, 2005
-- by Dave Johnson
More than two dozen expiring tax cuts are competing for inclusion in the $70 billion package, including extension of the dividend tax break that was created in 2003. Other tax cuts include a research credit worth $5 billion annually for companies such as Microsoft Corp. and Boeing Co. and a temporary measure limiting the reach of the alternative minimum tax.
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Revisiting the AMT is actually a worthy policy. It hasn't been adjusted for inflation for something like 15 years and it's starting to take a nasty bite out of taxpayers it was never intended to affect.
That said, anything that increases the deficit at this point just shouldn't be done. Of course, if you wanted to provide the greatest good to the greatest number of people, you would reform the AMT and repeal the tax cuts for the top 5% in order to balance the books.
Given the choice of assisting the top 5% or the common good, I wonder which one the Republicans will choose?
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