The Democratic proposal, unveiled on Thursday, would cut taxes on married couples with annual incomes below $200,000 but raise taxes of most people earning more. It would eliminate the alternative minimum tax, which was created to prevent the rich from avoiding paying any taxes but could this year affect millions of families with incomes as low as $50,000.
It would replace the lost revenue with a 4 percent to 4.6 percent surcharge on the top 10 percent of taxpayers. Of course, the Cheney led Republicans are against making the tax code fair to the middle class.
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