Link: WSJ.com - Liberals for Tax Cuts!.
A strange and astonishing thing is happening in Washington as a House-Senate conference committee debates its final tax bill: Democrats are discovering the virtues of cutting taxes for "the rich." Of course there's a catch, but the political by-play is too amusing to ignore and might even help tax cutting in the future. This new-found liberal demand for tax relief concerns one of their own creations -- the alternative minimum tax. The notorious AMT is the IRS's revenge on taxpayers who dare to take entirely legal tax deductions. Make enough money while deducting for (say) state taxes and the child tax credit, and the AMT sweeps you up lest you pay too little tax. As a friend of ours quips, it should really be called the RMT, for required maximum tax.
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