Word: fixes
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Dates: during 2000-2009
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...Democrat in 2006. On Nov. 9, the House passed a plan that would raise taxes on the lofty fees and bonuses that hedge-fund and private-equity managers receive. This has placed Senate Democrats, who will next take up the measure, in a quandary. They are compelled to fix the alternative minimum tax (AMT), which hurts big swaths of the middle class even though it was created to ensure that the very rich could not entirely escape paying income tax. But in doing so, the Democrats might have to raise taxes on a particularly lucrative donor base...
Since the AMT isn't indexed to inflation, more Americans are affected every year. If Congress doesn't act soon, about 21 million will be penalized. House Ways and Means chairman Charles Rangel has proposed a one-year stopgap fix that would exempt these middle-income taxpayers from the AMT, at a cost of more than $50 billion. The problem? In a fit of fiscal prudence, the Dems earlier this year passed a requirement mandating that Congress pay for everything it does with either tax hikes or budget cuts. Cue the proposed hedge-fund tax increase...
...forget that a world without Yalies would also mean that President Bush would take a permanent vacation to the ranch. Cheney might also call in sick—there’s probably a good chance this happens on any given day. Maybe someone could even fix that whole Iraq thing...
...limb. "Why risk losing all those contributions when the President's going to veto it anyway?" said Bob McIntyre, head of Citizens for Tax Justice. Since there won't be enough votes to override a veto, this Congress will likely have to pay for the tax fix the old-fashioned way: by adding to the deficit...
...hikes - even threatening a filibuster if the Dems were to bring up the House bill. "The last thing the American people need right now is a massive tax increase which would be a dangerous jolt to our economy," said Senate Minority Leader Mitch McConnell. "Congress must pass a responsible fix to this middle class tax hike, the AMT; a fix that doesn't replace one massive tax increase on Americans with another." Some G.O.P. staffers say a "clean" bill could pass the Senate this week, meaning a bill that shunts the cost to the deficit or through cost-cutting tactics...