At a members briefing this evening, Ways and Means Chairman Charlie Rangel outlined his “Mother of All Tax Bills” to the Committee membership. In essence, he outlined three separate bills that he will introduce in one package:
– A bill to repeal the individual AMT and provide tax benefits for low income families; A bill to extend for one year a group of tax provisions scheduled to expire at the end of 2007, including the temporary AMT “patch”; and
– A bill to cut the corporate tax rate down to 30.5 percent.
As S-Corp readers know, the tax benefits from these three …