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Friday, January 14, 2011

First At Bat

The first tax fix bill has been submitted in the new Congress. Below is the outline of the bill. You can clearly see that the bill addresses the key issues that many in the Tea Party see as important.

Michele Bachmann (R-MN) representative, by filing first, is hoping to frame the key issues that the broader congressional members must began to debate as a vote on the new Obama budget approaches the March deadline.

By getting these tax ideas in a form that can be easily seen and understood Representative Bachmann is giving us time to think about what makes sense to us and what changes in the tax code we want to change. This has to happen rather quickly. So we need to read, think, discuss, and communicate to our Congress as quickly as possible. As the vote date get closer they will get busier and busier making it harder to get their ear.

Regardless of the details in her proposed bill or what might or might not come from, her effort The Oxford Tea Party is grateful to Michele Bachmann. She is the lady who organized the Tea Party caucus in the House and I believe she has some thoughts of running for higher office come 2012.

H.R.86 -- End Tax Uncertainty Act of 2011 (Introduced in House - IH)
HR 86 IH
112th CONGRESS
1st Session
H. R. 86
To prevent pending tax increases, permanently repeal estate and gift taxes, and permanently repeal the alternative minimum tax on individuals, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES
January 5, 2011
Representative Bachmann (for herself and representatives Mr. King and Mr. SCHILLING) introduced the following bill which was referred to the Committee on Ways and Means

The BILL

To prevent pending tax increases, permanently repeal estate and gift taxes, and permanently repeal the alternative minimum tax on individuals, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `End Tax Uncertainty Act of 2011'.
SEC. 2. EGTRRA AND JGTRRA TAX RELIEF MADE PERMANENT.
(a) Economic Growth and Tax Relief Reconciliation Act of 2001- Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is hereby repealed.
(b) Income Tax Rates on Dividends and Net Capital Gain- Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is hereby repealed.
(c) Effective Date- The amendments made by this section shall take effect on the date of the enactment of this Act.
SEC. 3. ESTATE AND GIFT TAX PERMANENTLY REPEALED.
Effective for estates of decedents dying, gifts made, or generation skipping transfers, after December 31, 2010, subtitle B of the Internal Revenue Code of 1986 is repealed.
SEC. 4. REPEAL OF ALTERNATIVE MINIMUM TAX ON INDIVIDUALS.
(a) In General- Subsection (a) of section 55 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence:
`Except in the case of a corporation, no tax shall be imposed by this section for any taxable year beginning after December 31, 2007, and the tentative minimum tax of any taxpayer other than a corporation for any such taxable year shall be zero for purposes of this title.'.
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2010.
SEC. 5. MAXIMUM CORPORATE INCOME TAX RATE REDUCED TO 25 PERCENT.
(a) In General- Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended by striking `but does not exceed $75,000' and all that follows and inserting a period.
(b) Personal Service Corporations- Paragraph (2) of section 11(b) of such Code is amended by striking `35 percent' and inserting `25 percent'.
(c) Conforming Amendments-
(1) Subsection (a) of section 1201 of such Code is amended by striking `35 percent' each place it appears and inserting `25 percent'.
(2) Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking `35 percent' and inserting `25 percent'.
(d) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2010.

(New Speaker John Boehner, leader of the Republicans says he wants to cut spending and put it in the pledge to America. When he was sworn in last week, he declared: "Our spending has caught up with us. ... No longer can we kick the can down the road." But when NBC anchorman Brian Williams asked him to name a program "we could do without," he said, "I don't think I have one off the top of my head." The Republicans promised they would start the new congress by cutting $100 billion out of the budget. Let's put that in perspective. The budget is close to $4 trillion. So $100 billion is just 2.5 percent and already they are trying to step back from the 2.5. )

If I were to cut 2.5 percent out of our home budget we wouldn't even see a difference. I wonder what the Canadian Parliament would charge us to come down and run our Country for a few years?

To close on a different note. Lebanon's government collapsed today. I know this has nothing to do with what this tax article is about but there is a lesson in the collapse that we need to learn from. Lebanon took in large numbers of Hezbollah refugees over the years and allowed them some form of citizenship. Members of this group ran for office and won seats in their Parliament. There were enough of them and their supporters in Parliament that when they walked out in mass today the government collapsed. If we look around the world at all the countries who have had, more or less open border policies, have paid enormous prices for their good intentions.

( I refer you back to a book entitled 'The Bell Curve" by Murray. A book all the liberal press considers politically incorrect and I am sure this Sheriff in Arizona does also. )

Ron

Docnick37@gmail.com

http://theoxfordteaparty.blogspot.com/

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