Posted by
Chris Field on Friday, June 13, 2008 4:03:10 PM
A disturbing
report from CNNMoney this afternoon says McCain's promise to repeal the Alternative Minimum Tax (AMT) might not be as solid a commitment Republicans have been looking for.
John McCain's pledge to repeal the Alternative Minimum Tax has morphed into a promise to phase it out.
Translation:
More than 4 million households would continue to pay the so-called
"wealth tax" under his proposal during his term if elected. And the tax likely would remain on the books long after the presumptive Republican nominee left office.
But
McCain's amended AMT policy would still end up protecting most of the
folks who would be unfairly trapped by the tax, which otherwise would
raise a ton of revenue from middle- and upper-middle-income families
instead of the wealthy, for whom the tax was initially intended.
"I will also propose ... a phase-out of the Alternative Minimum Tax," McCain said in a speech on June 10.
That's
a modification of his promise last fall, when he said, "I am committed
to repealing this tax before millions of American families are forced
to devote even more of their hard earned money to paying for the
spending largesse in Washington."
The Right is continuing to seek reasons to support McCain, and his promises on taxes are a step in the right direction, including his vow to repeal the AMT. But these types of stories don't help his case with conservatives.