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Tuesday, October 23, 2007
Administration's Clean-Up Crew
Via BNA (sorry, no link), we learn that Treasury Secretary Henry Paulson, through a letter to House Ways and Means Committee member Rep. Tom Reynolds (R-NY), is imploring Congress to clean up the Bush Administration's mess:
If Congress fails to [to implement a one-year AMT "patch"], we estimate that 25 million taxpayers will be subject to AMT in 2007 - 21 million more than were subject to the tax in 2006. We estimate that these 25 million taxpayers will pay on average an additional $2,000 in Federal income tax. For these taxpayers, failure to enact a patch for 2007 would result in a substantial unexpected tax increase.
Ummm, Hank, aren't you forgetting something?
| Effects of 2001-2003 Bush Tax Cuts on AMT Taxpayers in 2008 |
| Current Tax Code (2001-2003 Bush Tax Cuts) | Bush Tax Cuts Repealed |
| Number of AMT Taxpayers (millions) | 26.5 | 10.2 |
| Percent of Taxpayers Affected by AMT | 28.8 | 10.6 |
| AMT Revenue per AMT Taxpayer (dollars) | 3,264 | 2,782 |
| Source: Urban-Brookings Tax Policy Center, "T06-0266 - Aggregate AMT Projections, 2006-2017" |
Image by Flickr user jwinfred. Used under a Creative Commons License.
Posted by Craig Jennings
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