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House Democrats propose tax overhaul
$1 trillion plan aims to eliminate AMT, ease burden for lower, middle class
WASHINGTON - The House's top Democratic tax writer on Thursday unveiled a $1 trillion plan to repeal the alternative minimum tax and lower the tax burden of most lower- and middle-income people.
The proposal would be paid for by requiring the wealthy and some corporations and investors to pay more.
In laying out the plan that would effectively rewrite many of the tax policies put in place under Republican control of Congress, Rep. Charles Rangel of New York said the changes would bring a net tax reduction to almost all families with incomes under $500,000 and that some 91 million families would receive tax relief.
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$1 trillion plan aims to eliminate AMT, ease burden for lower, middle class
WASHINGTON - The House's top Democratic tax writer on Thursday unveiled a $1 trillion plan to repeal the alternative minimum tax and lower the tax burden of most lower- and middle-income people.
The proposal would be paid for by requiring the wealthy and some corporations and investors to pay more.
In laying out the plan that would effectively rewrite many of the tax policies put in place under Republican control of Congress, Rep. Charles Rangel of New York said the changes would bring a net tax reduction to almost all families with incomes under $500,000 and that some 91 million families would receive tax relief.
Rest of Story