Congressman John Campbell's Blog - Green Eyeshade Blog

Wednesday, October 10, 2007

Posted by: John Campbell at 2:21 PM

Today I was joined by Congressmen Paul Ryan (WI), Ranking Member of the House Budget Committee and Jeb Hensarling (TX), Chairman of the Republican Study Committee, and Rep. Michele Bachmann (MN) in introducing the AMT Repeal and Taxpayer Choice Act. This legislation is designed to repeal the Alternative Minimum Tax, and at the same time, give all taxpayers the choice of filing their taxes under a new, simplified tax system.

In crafting this legislation we made sure that it would accomplish these three goals. That it will: 1.) Repeal the AMT and make sure it stays gone. 2.) Not raise taxes 3.) Not engage in class warfare, asking others to take a financial hit to “Pay for” tax relief for others. I think we have succeeded in accomplishing these goals. Below are some important points about the Taxpayer Choice Act.

The Taxpayer Choice Act will fully and permanently repeal the current AMT

Taxpayers can choose to file their taxes under the current system or pay a new alternative simplified tax with two rates and no deductions

There is a 10% rate for joint incomes below $100,000 and a 25% marginal rate for joint incomes above $100,000

This bill will make permanent the 2001 and 2003 tax reductions and lower rates on capital gains and dividends.

This is an incredibly important piece of legislation considering the number of taxpayers that could be forced to pay the AMT in 2007. Also, at the same time, it keeps our tax revenue at its historical percentage of GDP. Without this legislation, government spending will increase in terms of our overall economy and individuals will be required to pay more taxes to keep up with this spending.

Chairman of the House Ways and Means Committee, Charles Rangel (D-NY), has announced his intention to present “the mother of all tax bills” in the coming weeks. This Democrat proposal will effectively keep all tax increases and merely redistribute who has to pay them.

The proposal I am advocating rejects the idea that we need to continually raise taxes on people over 10 years, not only on an absolute basis but also by percentage.

I encourage you to visit the RSC website to see more details about our AMT Proposal, Click here

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h20skier writes:	Wednesday, October, 10, 2007 11:10 PM
Taxes
My wife and I make about $125,000. According to this new tax we will be paying $10,000 for the first $100,000 and then 25% of 25,000 or $6250 for a total of $16,250. This is about twice what we paid last year. I want this as much as another whole in the head.
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chuck writes:	Thursday, October, 11, 2007 11:54 AM
Bang
h20skier, If the DEMS get their way you can bet your sweet ARSE that you think this is bad WAIT. I dont want to hear how America needs to put up or shut up POLICIES, We should all pay something to help this great nation of ours, Qoute HITLERY our next PRES. MO TAXES MO TAXES This is the DUMBOCRAPS MOTTO and always has been, how do you think HITLERY is going to Pay for UNIVERSAL HEALTH CARE, on the backs of the American People as usual when a DEM gets elected. Heres how it will go, Hitlery, I will not reaise your Taxes, read my lips. I recall BILLY(THE SCUD) CLINTOON saying the same thing and then getting on World Wide TV and crying that he has looked far and wide and cannot find out how to pay for the things I promised my Base so I will have to raise your TAXES, QUOTE from BILLY (KNOB) CLINTOON so how do you like me now?
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edraven writes:	Thursday, October, 11, 2007 7:56 PM
actually there are deductions
there just aren't very many. There's a $25,000 deduction for joint filers, plus $3500 for each member of your family. So h20skier, if you don't have any kids you'd pay 10% on $93,000, so $9300 in tax, which gets you at least close to what you paid last year?
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Arby writes:	Saturday, October, 13, 2007 3:49 PM
Who cares, John?
Until someone -- ANYONE other than citizens and taxpayers -- talks about spending cuts, all your cutesy ballyhoo about taxes don't mean squat. Republicans are not a whole lot better than Dems in the "tax cut" department, and are as bad as or WORSE than Dems in the spending arena. We need a new tax code, my friend, not your cutesy ideas to wrangle more money out of the middle class. But more than a new tax code, we need spending cuts. You mercenaries in Washington absolutely must be stopped in your manic "giving it away" mentality. Until I hear a politician talk FIRST about spending cuts, the Republicans score a 1 or a zero, and the Dems score a -5. But no one even comes close to approaching a 7 or 8. It's about LESS SPENDING, John. Can you hear me NOW?
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.