The Wall Street Journal reports this morning that Ways and Means Chairman Charlie Rangel will likely introduce his “Mother of All Tax Bills” this week, a proposal marrying the repeal of the individual AMT with a cut in the top corporate rate to 30 or 31 percent.
How is he going to offset the revenue loss of all this tax relief? Here’s what we’re hearing:
- Rate Increase on Upper Income Taxpayers;
- Eliminate the Manufacturing Deduction;
- Change the Rules Allocating Expenses on International Income;
- Repeal LIFO (!);
- Raise Tax Rates on Publicly Traded Partnerships and Hedge Funds.