Patsfanin Philly

Senate Debt-Cutting Plan Yields Tax Cut, Tax Increase in Yardstick Shuffle - Bloomberg


"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'........

The Brandon Five

Obama was talking about getting rid of the charitable deduction early in his tenure. Big gubmint doesn't like competition from all those non-profits.

BSR

WTF? So much for not taxing the middle class. Meanwhile wealthiest have their taxes lowered? I must assume that I am missing something here.

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.

Patsfanin Philly

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.....