Accounting News

Monday, October 29, 2007
Tax Overhaul Proposed

Representative Charles Rangel of New York, chairman of the House Ways and Means Committee has introduced a new bill that would repeal the alternative means tax (AMT). The bill would also reduce corporate tax rates from 35% to 30.5%. The tax rates of hedge fund and private equity fund managers would also rise.

The bill is not expected to be voted on until next year. But Rangel hopes to prevent the AMT being applied to 21 million more Americans next year.

While we won't comment on the politically charged tax rate changes we do support the reduction of tax rates on corporations. Simply because taxes to corporations are always passed on to consumers in the form of price increases.

Labels: ,