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"On taxes, the Senate Finance Committee would be instructed to lower tax rates, eliminate the alternative minimum tax, and “reform” tax breaks for health care, charitable giving and homeownership. "
Translation, eliminate the deduction for charity and mortgage deductions to 'raise revenue'........
Last edited by Patsfanin Philly; 07-20-2011 at 12:00 PM..
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Re: What's being proposed as part of debt ceiling talks......
Originally Posted by JackBauer
AMT should be reformed, not eliminated.
Although, all this is being negotiated by millionaires, so it's little surprise if the budget is balanced on the backs of the poor, middle class, and elderly.
Add the plan to tax health insurance and a certain mantra
" If you earn less than $250K, your taxes won't go up by one dime" is about to go out the window. It doesn't matter if they lower the rates, the net effect is intended to bring in $1 trillion more by limiting deductions. If all of a sudden your family health insurance plan was classified as $15,000 of income and your $2000 charitable contribution is no longer deductible and your $4000 in mortgage interest is no longer deductible ( number not unheard of), your income just went up by $21,000 and even if they lower the rates a little, you are looking at a major increase in taxes across the board and we are not talking about only the very well to do.....