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On the other end, reduce upper-level tax credits or come up with a progressive minimum tax on incomes over one million dollars.
Tax professionals generally expect Congress to again enact a one-year patch to limit the effect of the alternative minimum tax on the upper-middle class, but it has not done so yet.
He also called for a minimum tax on foreign profits.
Additionally, we need Congress, right now, to enact a minimum tax on high incomes.
Obama is proposing to set a minimum tax on people making $1m or more in income.
Part of the Obama plan includes a minimum tax on the overseas income of United States-based corporations.
He introduced a minimum tax on the wealthy and championed a guaranteed minimum income for the poor.
Mr. Obama wants to claw some of this back by imposing a minimum tax on foreign earnings.
Mr. Camp and many other Republicans and corporations favor such a change, and are certain to oppose Mr. Obama's proposal for a minimum tax on foreign earnings.
Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
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International Tax Reform Minimum Taxx on Foreign Earnings.
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