November 5, 2009
Bloomberg Quotes Tax Foundation Senior Economist Gerald Prante on Entitlement Spending
"Taxman Seeking Cash Means U.S. Filers May Move Income to 2009"
By Margaret Collins
The U.S. government is spending $787 billion to stimulate the economy, the deficit is $1.4 trillion and Congress is debating costly changes to health care. The taxpayers' bill to pay for it isn't far behind.
"Something is going to have to be done to raise revenue unless entitlement spending is cut," said Gerald Prante, senior economist for the Washington-based Tax Foundation. ...
Those in high-tax states such as California and New York are more likely to pay the AMT, said Joseph Kovar, a certified public accountant at Sweeney Kovar LLP based in Danville, California. About 4 million to 5 million Americans are subject to the AMT, according to the Tax Foundation.
