November 2, 2007 12:52 PM | | Bookmark and Share

On October 25, House Ways and Means Chairman Charles Rangel introduced his proposal to address the Alternative Minimum Tax (AMT) problem and make the tax code simpler and fairer, without increasing the federal budget deficit.

On the individual tax side, the bill would entirely repeal the AMT and expand several tax provisions that particularly benefit low-income people. It would cover the $930 billion 10-year cost of the tax reductions by reducing the Bush tax cuts for the wealthiest Americans and by closing some unfair loopholes that primarily benefit the very well-off.

On the corporate tax side, the bill would sharply cut the top corporate tax rate, and pay for that by eliminating some inefficient and unfair corporate loopholes.

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