According to a Hill watcher, the Republican Study Committee is up to much good:
Tomorrow at 11:30 am the Republican Study Committee will release its “Taxpayer Choice Act” in anticipation of Democrat Charles Rangel’s upcoming tax “reform” bill.
First, it completely does away with the Alternative Minimum Tax. Second, it gives taxpayers a choice: stay with the current tax code, or switch to a “Simplified Tax.”
Under the Simplified Tax, there are two rates, 10% and 25%. The 10% rate applies to: First $50,000 for a single income earner, first $100,000 for joint income earners. The 25% rate applies to each dollar after that.
The personal exemptions under the Simplified Tax include $12,500 for a single earner, $25,000 for joint earners. There is also a child tax exemption of $3,500 for each child.
The death tax finally dies, and cap gains and dividends maintain the current 15% rate.