The Simplified Tax: A Bold Plan to End the AMT and Overhaul the Income Tax
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Rep. Paul Ryan (R-WI), ranking member on the House Budget Committee, has introduced the Taxpayer Choice Act, which would repeal the alternative minimum tax (AMT) and replace today’s complicated income tax with a Simplified Tax. The new system would have just two rates and a large standard deduction, and would greatly reduce the damage and complexity caused by the current income tax.
Ryan will talk about his legislation and the growing budget battle over tax increases in Congress. Chris Edwards and Dan Mitchell will contrast the Ryan plan with other tax reforms, highlight the importance of AMT repeal, and consider the outlook for tax policy in coming months.