Last night, while Mom was out of the house, the Senate popped it's PAYGO cherry with the AMT patch bill. For those readers not intimately familiar with budget rules and tax wonk jargon, PAYGO is the system by which every tax reduction must be paid for by an increase somewhere else (or, lol, a spending cut) and AMT is the Alternative Minimum Tax. The AMT was meant to apply only to really rich people but because it was so poorly written it's about to apply to 23 million people on April 15 and, you know, 2008 is an election year.
Senate Pops PAYGO Cherry
Senate Pops PAYGO Cherry
Senate Pops PAYGO Cherry
Last night, while Mom was out of the house, the Senate popped it's PAYGO cherry with the AMT patch bill. For those readers not intimately familiar with budget rules and tax wonk jargon, PAYGO is the system by which every tax reduction must be paid for by an increase somewhere else (or, lol, a spending cut) and AMT is the Alternative Minimum Tax. The AMT was meant to apply only to really rich people but because it was so poorly written it's about to apply to 23 million people on April 15 and, you know, 2008 is an election year.