Rep. Paul Ryan (R-W.S.) and two other Conservative House Members have a plan for your taxes:
Give up your current deductions and your annual earnings up to $100,000 would be taxed at 10 percent, with a 25 percent rate on everything above that. But that is not all. The bill would repeal the hated Alternative Minimum Tax, giving up $840 billion in revenue over the next 10 years. Government would have to get leaner.
This is in response to the coming tax plan from Rep. Charles Rangel (D-N.Y.) who has his own tax plan that would increase the amount that would be paid and make the tax rates more steeply graduated. Both plans would eliminate the AMT.
Before you start to cough at the idea of giving up your deductions, you would have to opt into the program, and you’d get a $39,000 standard exemption for a family of four. How do you like that? It would also make permanent Bush’s capital gains and dividends tax cuts.
The Bush Administration doesn’t. It’s too daring for the leadership to take on, but the question is, what will House Republicans do? Will they cave, or will they truly propose an option for the American people?
I don’t know about you, but I’m for Rep. Ryan’s plan.