« Home | N. Korea Technological Breakthrough! (After All Th... » | DeLay and Earle: Guilty as Charged (In the Court ... » | The First Lady Speaks Out On Miers (Says Miers Cri... » | Stupid News of the Day (Americans Are Having Unsaf... » | Hail and Rain Now Hampering Rescue Efforts in Paki... » | News Flash: Humans Cannot Control Nature! » | Gore Time! (Look Out 2008, Here Comes AL!) » | Of Course, America is to Blame for Response Issues... » | Yahoo to Put Blogs In The News! (As the News?) » | US Trying to Ask Nice, Before Forcing Monetary Pol... » 

Wednesday, October 12, 2005 

Tax Increases To the Rich! (From Bush?)

Oct. 11 (Bloomberg) -- President Bush's tax advisory panel agreed to recommend limiting tax breaks for homeowners and employer- provided health-care benefits to help pay for repealing the alternative minimum tax.

The panel, meeting in Washington today, agreed the current $1 million cap on deductible mortgage interest should be reduced, possibly to about $350,000, and that the deduction should yield no more than a 25 percent tax savings, down from a top savings now of about 35 percent.

Just a note here: If you are paying more than $350,000 in INTEREST on your home mortgage… you don’t need a tax break on that. While this will severely irritate his base, it is about time Bush actually did something to justify his insistence that the tax breaks are not just for the “rich”.

But make no mistake, repealing the “minimum tax” is a good thing.

The minimum tax, imposed in 1969 to ensure that 200 wealthy families didn't escape tax with excess deductions, is now forcing millions of middle- income families to pay higher taxes because it was never indexed for inflation.

Good to see that we are going to reform/cut taxes in one area, with increasing taxes in another. That whole “revenue neutral” thing isn’t as crazy as it sounds is it Mr. Bush?