Wednesday, October 12, 2005I triple dog dare you.
The Republicans are considering scrapping the Alternative Minimum Tax and regaining the lost revenue by abolishing the home mortgage deduction and the business deduction for health insurance.
My response: Wow.
Admittedly there are problems with the AMT. Because it isn't indexed for inflation, people from middle income brackets are getting shoved into an artificially higher tax bracket. If nothing is done, we are likely to see a tax revolt similar to that of the late 1970's.
However, to abolish a tax meant to prevent millionaires from sheltering all of their income and to fund it by eliminating incentives for home-building (when the bubble is about to burst) and health care (when people are losing coverage) is just insane. Policy insanity, and certainly political insanity.
There is NO WAY this is going to happen. If the Theocons try it, they will be crucified in the next election. The campaign ads practically write themselves:
"It's good times for Congressman Smith