Bush wants tax legislation from Congress

[rodeodance]

Source: ap



Bush wants tax legislation from Congress

By DEB RIECHMANN, Associated Press Writer
6 minutes ago



WASHINGTON - President Bush demanded Saturday that Congress send him legislation that keeps middle-class Americans from being hit at tax time next year by the dreaded alternative minimum tax.


That's not likely to happen anytime soon. Congress has adjourned for the Thanksgiving holiday. The legislation is muddled in the House and Senate. And Bush has threatened to veto any bill that raises taxes as a way of fixing the tax, known in shorthand as AMT.

"I will veto any bill that raises taxes as a condition of fixing the AMT," Bush said in his weekly radio address. "Members of Congress must put political theater behind them, fix the AMT and protect America's middle class from an unfair tax hike."

..............Earlier this month, House Democrats pushed through an $80 billion bill that would extend AMT relief for one year, at a cost of about $50 billion. It also includes another $30 billion in popular tax relief measures. To cover the $80 billion price tag, the bill would bring in revenue by changing tax rules affecting corporate transactions.

The White House said this amounts to a tax increase that would undermine the competitiveness of U.S. businesses in the global economy and could have adverse effects on the U.S. economy. Some pro-business Democrats joined Republicans in expressing concern that the carried interest provision could hurt venture capital and real estate investors as well as hedge fund managers making hundreds of millions of dollars.


Read more: http://news.yahoo.com/s/ap/20071117/ap_on_go_pr_wh/bush;_ylt=AmbMrnRvETr6MJ6WpYWEHvKs0NUE

---

[Gman]

1. People in hell want ice water

[progpen]

2. AWOL has been sounding more and more like a spoiled petulant child...

since his brain left.

[rodeodance]

3. this is what he has been reduces to-bullying congress (dems)

[Angela Shelley]

4. it´s called lashing out

and placing the blame, and doing everything you can to get anything you want.

[balantz]

5. Why don't they all stand up and tell that twit

they want him to sit his ass down and shut the fuck up?!

[boricua79]

8. that's reserved only

for alleged "dictators" of Venezuela and can only be undertaken by parasitical, unelected monarchs of Europe.

Didn't you read the rulebook on who gets to tell others to shut up? :P

[balantz]

9. Hey, someone with fewer posts than me!

Welcome to DU :)

[TwilightGardener]

6. Sure wouldn't want to hurt venture capitalists, real estate investors and hedge fund managers--

they are vulnerable and must be protected at all costs.

[MaineDem]

7. And I've always wanted an older brother

Reminds me of the Rolling Stones tune. The one played at the funeral in "The Big Chill".

Bush IS a petulant child. Always was, always will be.

[brentspeak]

10. This is a B.S., almost pro-Bush article

Actually, what it is is a pro-CORPORATE article, as we, the reader, don't discover until much later on that the Democrats' plan is to exempt middle-class taxpayers from the AMT by fixing corporate tax loopholes. Even then, the writer classifies those Democrats who agree with the Republicans on this as "pro-business Democrats", as if closing the corporate loopholes is somehow anti-business.

[AX10]

11. WTF is this about?

"Some pro-business Democrats joined Republicans in expressing concern that the carried interest provision could hurt venture capital and real estate investors as well as hedge fund managers making hundreds of millions of dollars"

Is the writer implying that we should feel sorry for a few elite bastards who make 9 figure salaries?
:wtf: