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Saturday, October 13, 2007

St Cloud Times Larry Schumacher Beats Out Star Tribune On 6th District and Michele Bachmann Coverage

Larry Schumacher has done some excellent posts recently about the 6th District race. One talks about the race between Olson and Tinkenberg and mentions the Americans United for Change ads against Michele Bachmann. Another discusses a recent CQ article and DC conventional wisdom.

Schumacher also analyses a bill Michele Bachmann may or may not have co-sponsored that would repeal the Alternative Minimum Tax (and also make Bush's Tax cuts permanent), without finding the revenue to replace the revenue loss. So this bill would increase the deficit.

U.S. Rep. Michele Bachmann, R-Minn., on Friday unveiled a bill promoted as "major tax reform."

U.S. Rep. Michele Bachmann, R-Minn.

The so-called Taxpayer Choice Act, which Bachmann co-authored with U.S. Reps. Paul Ryan, R-Wisc., Jeb Hensarling, R-Texas, and John Campbell, R-Calif., would repeal the Alternative Minimum Tax and allow taxpayers to choose how they want to pay their taxes -- either through the current system or a simplified tax with a 10 percent tier for joint income below $100,000 or a 25 percent tier for those at or above it, according to a news release.

The simplified version would include a $25,000 deduction for married couples, $12,500 for individuals and a personal exemption of $3,500.

Bachmann bills it as an alternative to other AMT middle-class fixes:

"We should give taxpayers, not Washington, the power to choose which system best fits their circumstances," she said. "Unlike other AMT proposals, this plan will not increase taxes for any American. Rather, it modernizes our inefficient Tax Code to better serve the interests of American families."

No word in the release about how the bill pays for eliminating the AMT, if nobody gets their taxes raised. And I'm not a federal tax attorney (or a former one), so if somebody out there can tell me how it would change the overall tax burden, I'm all ears.

UPDATE: I'm getting a little confused. This Washington Post column from Bob Novak mentions Ryan, Hensarling and Campbell as the bill's authors, but not Bachmann.

UPDATE II: Further Googling reveals this blog post from Campbell including Bachmann as a co-author of the bill.

UPDATE III: Apparently, the bill would make permanent President Bush's tax cuts and would not replace the lost AMT revenue.

Why don't other reporters dig beyond Michele Bachmann's press releases?