The Bright Bulbs In The House

The Republican Study Committee has drafted a new proposal to eliminate the AMT and offer a voluntary simplified flat tax you can read some of the details at John Campbell's, Green Eye Shades, and the RSC's blog, all my conservative blogger friends should add both of these blogs to your roll and if you don't blog at least add them to your favorites.

The Taxpayer Choice Act will fully and permanently repeal the current AMT

Taxpayers can choose to file their taxes under the current system or pay a new alternative simplified tax with two rates and no deductions

There is a 10% rate for joint incomes below $100,000 and a 25% marginal rate for joint incomes above $100,000

This bill will make permanent the 2001 and 2003 tax reductions and lower rates on capital gains and dividends.

Personally I want to see more, though I am a fair taxer and favor a complete removal of all income related taxes for a tax on consumption ie. a National Sales tax. That would lift a huge burden of compliance with our monstrous tax code off families and small businesses, the heart of America. As a small businessman I can say a sales tax is much easier to comply with than income taxes since I have to do both now, simply let me chop a percentage off what I sell, payable by the customer, and let me keep my labor earnings and profit from the sale. I can't charge my labor taxes to anyone but me and the many hours spent to comply when I could be earning money to spend and invest in my own future not the government's