Keith Hennessey on Plan C
Keith Hennessey has a useful post outlining a fallback position for House Republicans — pass a Senate bill that, as he describes it:
- extends for one year all current income tax rates for incomes <$200K (single) and <$250K (married);
- For one year it keeps the capital gains rate at 15% for the same incomes as above;
- For one year it (explicitly) raises the capital gains and dividends rates to 20% for incomes >$200K/$250K;
- It extends for one year other provisions of current law, important and not-so-important: marriage penalty relief and the child credit, education tax relief, and a handful of smaller provisions; and
- It patches the AMT for 2012.
It's not a great option, but it could be better than whatever deal President Obama and Speaker Boehner come up with.
by Editor | Dec 12, 2012 at 10:15 am
Related Topics: President Obama, Taxes
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