One week after Ways and Means Committee Chairman Rep. Charles Rangel, D-N.Y., introduced his massive, dream tax reform proposal, and after acknowledging that that proposal had no chance of passage this year, Chairman Rangel introduced a more modest stop-gap proposal, H.R. 3996, including primarily one-year fixes for expiring provisions and some proposals to address the mortgage crisis.Most commentators seem to feel that this legislation has a fairly good chance of passing this year in something close to its present form.
The main controversies will probably come on the revenue-raising side. The Internal Revenue Service has said that the alternative minimum tax fix must be finalized by the middle of November in order to have the changes reflected in the final 2007 tax forms.
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