Liberal in the Land of Conservative: Cutting Off Her Nose To Spite Her Face!

Cutting Off Her Nose To Spite Her Face!

8:57 PM | Posted in AMT, Legislation, Michele Bachmann

On October 26th, Michele Bachmann put out a press release condemning the Alternative Minimum Tax.

In her own words:

Congress created the AMT in 1969 as a political antidote to public uproar over news that 155 people who, despite earning $200,000-plus (more than $1.2 million in today's dollars) were eligible for tax benefits that left them paying little or no federal income tax.

Washington's answer: Create a separate, add-on tax system to prevent the abuse. Fast forward to Nancy Pelosi's Washington: This "tax the rich" policy has now spiraled so far out of control that, if ignored in the next few months, it will target - victimize, really - more than 25 million hard-working middle-class families. It will impose on them a tax-hike tidal wave that will drown them before they even get a chance to wave for help. Over the next 10 years, it will raise taxes $841 billion.

Yet, when Nancy Pelosi and the Democratic Congress try to address this "out of control" spiral, Michele Bachmann answers back with a resounding NO.

HR 3996, which passed in the House of Representatives today, shields those millions of families from the Alternative Minimum Tax.

SEC. 102. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.

(a) In General- Paragraph (1) of section 55(d) (relating to exemption amount) is amended--

(1) by striking `($62,550 in the case of taxable years beginning in 2006)' in subparagraph (A) and inserting `($66,250 in the case of taxable years beginning in 2007)', and

(2) by striking `($42,500 in the case of taxable years beginning in 2006)' in subparagraph (B) and inserting `($44,350 in the case of taxable years beginning in 2007)'.

(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.

Here's the problem Michele, because you apparently don't get it! You may want to do away with the AMT or even do away with taxes all together but until you get your wish it would be really helpful if you didn't cut off your nose to spite your face. In other words, don't stick 23 million families with the AMT simply because you don't get your magical world where government functions without money to support it.