On Saturday’s weekly presidential radio address, George Bush admonished “Congress” for not yet passing legislation temporarily fixing the Alternative Minimum Tax (AMT).
The decades-old law was initially designed to prevent the ultra-rich from shirking their tax responsibilities through creative deductions. But because the law wasn’t linked to inflation, it will force more than 20 million tax filers next year to unfairly pay a greater than normal share.
Bush crowned himself defender of the “middle-class,” using the phrase five times in his short speech. But he quietly left off that term in this passage:
Unfortunately, Congress seems determined to compound this original mistake by making another one. Last week, the House passed a bill that provides relief from the AMT — but raises other taxes. Congress should not use legislation that millions of Americans are counting on to protect them from higher taxes in one area as an excuse to raise taxes in other areas.
“Middle-class” isn’t mentioned because those “other areas” have nothing to do with the middle-class, but primarily with fat and happy hedge fund managers.
And the House bill doesn’t so much “raise taxes” on hedge fund managers, as it closes a ridiculous tax loophole.