The Alternative Minimum Tax was passed in 1969 to ensure that the very wealthy aren’t able to completely get out of paying taxes through loopholes and deductions. The AMT, however, was not indexed for inflation and hits more and more middle income earners each year.

Both Republicans and Democrats see the need to fix the AMT, but neither are doing a very good job of getting it done.

The Dems have passed a bill in the House that would “fix” the AMT by, essentially, moving the tax elsewhere. Rather than middle income earners paying the AMT, the Dems would get cash from taxing so-called “carried interest” as regular income.

This idea stems from the Democrats’ policy that tax cuts or spending increases be covered by tax increases elsewhere in order to keep the federal defect from growing further.

Well, at least we know where the Washington County Commission is getting their ideas.

Here’s an idea of my own:

CUT SPENDING!!!!!!!!!!!!

I like how the Dems policy says nothing of cutting spending. They speak of “cutting” taxes (by increasing taxes elsewhere) and increasing spending (also by raising taxes), but say nary a word about ever cutting spending. Some kind of fiscal responsibility, eh?

So, we have tax and spend Democrats in charge now rather than the cut taxes but still spend Republicans.

Could someone please hire me to balance the Federal Budget? I’ll gladly do it. And here’s my policy:

Cut taxes and spending. Don’t buy anything for which I can’t pay. Oh, and don’t buy anything that’s not expressly allowed by the Constitution.

See how easy that was?

Of course, you could just vote for Ron Paul. I won’t be offended if you hire him over me…

😉

Advertisements