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View Diary: Super Congress: Don't just fail, do nothing (41 comments)

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  •  Seems to me that the Alternative Minimum Tax (1+ / 0-)
    Recommended by:
    milton333

    needs a permanent fix.  Right now it's hitting a lot of people not originally its targets.  A few years ago, Congress disallowed a bunch of common deductions (such as local taxes) in calculating the tax.  Amazingly enough, this had a bigger impact on places like New York and California than on Wyoming.  As it exists at the moment, the ATM is unfair and it's absurd to keep doing temporary fixes.

    Another issue is corporate foreign profits.  Why corporations are not required to pay taxes on those is a (rhetorical) mystery to me.  Individual citizens have to declare foreign earnings and investments.  Right now the IRS is conducting witch hunts on expat citizens.  (There may be a lot of expats who are avoiding taxes but very, very few of them are living in Canada.)  

    This is a complex issue and I'm mentioning it just for the sake of comparison between corporations and individuals.  Yet you have a couple of senators (e.g., Kay Hagan (D-NC) sponsoring a bill to allow companies to repatriate those profits and pay little or no taxes on them.  Treating the corporations the same way the living, breathing, human being expats are being treated could replenish the ol' coffers pretty quickly.  

    We must, indeed, all hang together, or assuredly we shall all hang separately. B. Franklin

    by Observerinvancouver on Fri Nov 18, 2011 at 04:34:45 PM PST

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