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Fact Sheet: The "Mother of All Distortions": Attacks on Rangel AMT Plan Not Based On Reality

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Abstract:

Republican congressional leaders have sharply attacked House Ways and Means Chairman Rangel’s proposal to replace the Alternative Minimum Tax with a tax surcharge for very-high-income households as a massive tax increase that would seriously damage, even “doom,” the economy.  In fact, however, the Rangel plan is not a tax increase.  Moreover, it would create a tax system that is simpler, more progressive, and likely better for the economy than either current law or the idea favored by many of the plan’s critics:  eliminating the AMT without paying for it.