Back to INCOME TAX BLOG List

Congress s Taxing Hurdle

As many Americans race to finish their taxes, Congress returns from recess next week facing twin challenges: fixing the alternative minimum tax and raising money to pay for the fix. The alternative minimum tax originally was created to prevent the wealthy from using heavy deductions to legally avoid paying income tax. But because it is not [...]

Source: http://blogs.wsj.com/tax
 

Some tax deductions are aimed at individuals; many are directed to businesses. The complicated maze of tax deductions that Congress has instituted over the past 70 years has contributed to the view that the tax code in the United States needs to be completely redone in a simpler fashion.