Democrats look to shift a tax back to the rich

[Rose Siding]

Plan to overhaul '69 provision has GOP hackles up

WASHINGTON -- Democrats in Congress are preparing a long-awaited plan that seeks to deliver a major tax break to millions of middle-class families -- paid for by raising taxes on upper-income earners.

The centerpiece of the proposal, now being crafted by key Democratic lawmakers, would dramatically limit the unpopular Alternative Minimum Tax, a provision that was designed to prevent rich taxpayers from ducking taxes via deductions but is ensnaring millions of middle-income payers because it was never adjusted for inflation.

Democrats are signaling that they will seek to pay for such changes by scaling back some of the tax cuts given to the wealthiest annual earners during President Bush's first term.
...
Neal's Select Revenue Measures Subcommittee will hold the first of several hearings on the AMT today, and members of his committee hope to have a bill drafted by early spring.

http://www.boston.com/news/nation/washington/articles/2007/03/07/democrats_look_to_shift_a_tax_back_to_the_rich?mode=PF

[TheFarseer]

1. The only problem is

how I think this will end up is that they'll get rid of the AMT and won't be able to get anything else passed and we'll have a trillion dollar annual deficit.