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The bill, following the rough contours suggested by Mr. Obama, creates what would be an alternative minimum tax for the most affluent.
One compromise being discussed in Congress is a version of the territorial system — but with a minimum tax for any overseas operations.
On Monday, at the president's urging, the Senate will take up the proposed "Buffett Rule," a minimum tax for the wealthiest Americans.
[C1.] Commission to Urge End of Alternative Minimum Tax President Bush's tax advisory commission will recommend abolishing the alternative minimum tax for individuals, the commission chairman said.
The House Ways and Means Committee's bill would freeze the alternative minimum tax for one year, at a cost of $50.59 billion.
Tax experts say creating a new alternative minimum tax for the wealthy might make for good political argument, but it is less compelling as policy.
Similar(16)
State auditors determined that the Trump casinos should have paid $8.8 million in alternative minimum taxes for those two years, according to court records.
The president sandwiched the 34-minute speech, billed as an official address on his so-called Buffett Rule for a minimum tax rate for the wealthiest Americans, amid three overtly partisan fund-raisers that accounted for the bulk of his time along the south Florida coast.
The rule — named for the billionaire investor Warren E. Buffett, who has complained that he is taxed at a lower rate than his employees — calls for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers.
WASHINGTON — President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
Exchanging tax reductions for a progressive Alternative Minimum Tax -- for both individuals and corporations -- that builds on the Buffett Rule (haven't heard about that for a while).
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