| ..."The White House seems to think the deal has established a firm foundation for building a new fiscal house. In fact, the deal could make tax reform less likely. And without reform to raise new revenue, deficit reduction would have to rely heavily on spending cuts, an outcome that can be averted only by persuasive and sustained leadership from President Obama.,,,The deal removes impetus for reform by permanently "patching" the alternative minimum tax. The change ensures that the A.M.T. will no longer routinely threaten to ensnare tens of millions of taxpayers for whom it was never intended. This is a step in the direction of better tax policy, but it also means the loss of the A.M.T. as a potent reminder of just how in need of reform the tax code is." |
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