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http://money.cnn.com/2007/10/25/pf/taxes/rangel_tax_reform/index.htm?section=money_topstories
"Leading Republicans - including House Ways and Means Ranking Member Jim McCrery (R-La.) and Senate Finance Committee Ranking Member Charles Grassley (R-Iowa) - argue that AMT repeal is the right thing to do to protect middle-income Americans from a tax they were never intended to pay, so there's no need to compensate for the cost because it was revenue that never should have been collected in the first place.
Lawmakers on both sides of the aisle and those in between have known for years that the AMT would start to affect middle- and upper-middle-income taxpayers barring any permanent changes to the law, but they nevertheless left it on the books. That means every federal budget projection has factored in the amount of revenue the AMT would raise once it starts hitting non-wealthy taxpayers, and spending commitments were made based on those projections."
http://money.cnn.com/2007/10/25/pf/taxes/rangel_tax_reform/index.htm?section=money_topstories
"Leading Republicans - including House Ways and Means Ranking Member Jim McCrery (R-La.) and Senate Finance Committee Ranking Member Charles Grassley (R-Iowa) - argue that AMT repeal is the right thing to do to protect middle-income Americans from a tax they were never intended to pay, so there's no need to compensate for the cost because it was revenue that never should have been collected in the first place.
Lawmakers on both sides of the aisle and those in between have known for years that the AMT would start to affect middle- and upper-middle-income taxpayers barring any permanent changes to the law, but they nevertheless left it on the books. That means every federal budget projection has factored in the amount of revenue the AMT would raise once it starts hitting non-wealthy taxpayers, and spending commitments were made based on those projections."
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