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Thursday, November 08, 2007
Veto Vertigo: Bad News, Good News
Today, the White House issued a formal veto threat ($) against the AMT patch/tax extenders bill with carried interest and other payfors, which comes up for a House vote tomorrow.
The veto-mad president, gunning down the FY 2008 bills that are, in the aggregate, two percent more than his spending requests -- on the grounds that the bills' spending levels are "excessive" -- points to the fact that the AMT patch is wholly offset with pay-for provisions and calls them "inappropriate."
Dizzying, isn't it? He's hard to please, I guess.
So... it might be bad news for the 20 million taxpayers who will pay an average of $3,269 more next year if AMT isn't patched. But look at the bright side: the Senate can now uphold PAYGO and stand up for tax equity without having to listen to the real estate industry looby's hyerbolic claims that our econony's future depends on the carried interest tax subsidy for fund managers.
Posted by Dana Chasin
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