Tags: Donald Trump | Presidential History | Trump Administration | Trump Tax Reform | alternative | minimum | tax

Father of AMT Repeal Hails Trump's Tax Reform Plan

Image: Father of AMT Repeal Hails Trump's Tax Reform Plan
Former Rep. Phil English, R-Pa. (AP Photo/Tom Williams)

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Wednesday, 30 August 2017 09:53 PM Current | Bio | Archive

The former congressman considered the father of the movement to repeal the individual and corporate Alternative Minimum Tax (AMT) gave high marks Wednesday to President Donald Trump's tax reform plan.

"The AMT shares responsibility for the sheer inertia and lack of growth in our economy," said former Rep. Phil English, R-Pa., who introduced a measure to phase out the controversial tax in 2005, "I'm delighted the president focused on it and is committed to real tax reform."

A graduate of the University of Pennsylvania and onetime Erie, Pennsylvania, city controller, English served in the House from 1994-2008 and rose to the second ranking seat on the tax-writing Ways and Means Committee.

In 2005, English introduced legislation to phase out the AMT. He recounted to Newsmax how "it would have been gradually reduced and finally off the books by the 10th year. It would have been repealed by now had we voted for [the phase-out bill]."

Following a Page One story in The Wall Street Journal in 1969 that 155 wealthy Americans had paid no taxes the previous year, Congress enacted the AMT later that year with the goal of making sure all Americans paid some taxes.

The AMT is a supplemental tax for individuals, corporations, estates and trusts that have certain exemptions which allow them to pay lower income taxes. The AMT is applied to an adjusted amount of taxable income in which the exemptions are disregarded.

Over the years, the AMT has been amended and revised. Its latest incarnation was the American Taxpayer Relief Act of 2012, which indexes to inflation the incomes that are subjected to the tax.

But what was originally intended as a tax on 155 of the largest incomes in America is now applied to an estimated four million households who have had deductions removed.

"Essentially, the AMT strayed into the middle class," English told us, "and in the process it affects all kind of productivity."

The president, the Pennsylvanian added, "has now signaled that he is serious about repealing the AMT regardless of the pushback from the left. Repealing it will end some of the anti-growth leanings in the tax code. The biggest challenge will be to make sure the budget rules end it permanently."

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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The former congressman considered the father of the movement to repeal the individual and corporate Alternative Minimum Tax (AMT) gave high marks Wednesday to President Donald Trump's tax reform plan.
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Wednesday, 30 August 2017 09:53 PM
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