"Minding Your Business" reporter Ali Velshi flubbed his tax data near the end of an April 13 report on the alternative minimum tax.
Velshi was busy sympathizing with House Democrats who are unlikely to seek a full repeal of the AMT when he ran into trouble:
“Why? Because repealing the AMT would cost the government $50 billion a year. And no matter who you are – if you were the government – you probably wouldn’t give up the $50 million a year,” said Velshi.
Velshi meant billion, although Americans for Tax reform puts the figure higher -$872 billion over the next 10 years, which averages out to $87.2 billion per year.
Velshi gave sole credit to House Democrats for wanting to fix the AMT, despite Republican attempts to fix the AMT in the past – including full repeal in 1999. The CNN reporter, like many other journalists, said nothing about the very same Democrats’ voting for AMT rate increases (and failing to index to inflation) in 1993 and against its full repeal in 1999.
The “American Morning” team also didn’t explain that under “pay as you go” rules, the Democrats will likely try to raise taxes to “pay” for AMT reform, which ATR president Grover Norquist has said is "unconscionable."
Overall, it's been an especially bad week for free marketers watching CNN's "American Morning." The morning show team spent the week bashing Burger King, cheerleading an attack on Big Oil, and then calling mandatory carbon regulation "the right direction."
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
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Now isn't that interesting, t
April 13, 2007 - 14:44 ET by dscottNow isn't that interesting, the Bush tax cuts garnered 383 billion extra dollars in 2006 but for some reason they can't part with 50 billion???? BTW - I wonder why the Dems are fiddling with the AMT anyway when it mostly affects the rich who would otherwise not pay any taxes at all????? We keep hearing this chant that millions of Americans will be sucked into the AMT when in fact, $50 Billion is very small change in comparison to the money collected on individual returns. According to the BEA the US treasury collected $1,360,643,000,000 from individuals or $1.36 Trillion dollars in 2006. $50 Billion represents about 3.7% of the total. Me thinks someone is not telling us the truth as to who really is paying the AMT.
“The object of life is not to be on the side of the majority but to escape finding oneself in the ranks of the insane.” – Marcus Aurelius
What's the matter Velshi! Eve
April 13, 2007 - 14:46 ET by ratso ferrariWhat's the matter Velshi! Even a Caveman can do it!
Once again, a liberal talki
April 13, 2007 - 15:02 ET by John in CAOnce again, a liberal talking like it's the government's money to begin with, and anything they don't take from us is a gift.
Give a Democrat Party free America a chance!
The wellspring
April 13, 2007 - 15:29 ET by UnsaneCome on, John, don't you realize that ALL prosperity comes from Washington, NOT from such overrated people like producers and entrepreneurs?
"HAV3 TH3 BRIDG3S OF INSANITY B33N CROSS3D AND FOR3V3R R3TRACT3D???." - Meshuggah, "3ntrapm3nt", from Catch Thirty Thr33 (2005)