It has good elements. I think the Alternative Minimum Tax should be done away with, and that it makes sense to do away with it as part of a broader tax reform that makes the tax code simpler and more pro-growth. Giving taxpayers a choice of whether to file under the old tax system or the new reformed one also makes sense.
But I would prefer that the tax cut be coupled with spending cuts, and I’m not sure, in the present political environment, it makes sense to promote a tax cut without such spending cuts. The reformed system that the conservatives put in place also needs some work. That system raises taxes on child-rearing, replacing the current tax credit with a measly $350 benefit for low-income and middle-income workers.
The big winners under this plan are childless affluent couples living in high-tax states. As written, that is, it’s a great tax cut for the blue states. But it could be modified to address this concern.
What’s not to like? It’d be nice to see the HRC, LCR or the other Gay Acronyms get behind this tax break for our community. Fat chance! (Oops, sorry…. didn’t mean to bring Algore into this.)