Jim DeMint just offered an amendment to the stimulus package. Via Dave Weigel, here's what it contains:
• Permanently repeal the alternative minimum tax once and for all;• Permanently keep the capital gains and dividends taxes at 15 percent;• Permanently kill the Death Tax for estates under $5 million, and cut the tax rate to 15 percent for those above;• Permanently extend the $1,000-per-child tax credit;• Permanently repeal the marriage tax penalty;• Permanently simplify itemized deductions to include only home mortgage interest and charitable contributions.• Lower top marginal income rates from 35 percent to 25 percent.• Simplify the tax code to include only two other brackets, 15 and 10 percent.• Lower corporate tax rate as well, from 35 percent to 25 percent.
The amendment was beaten back, but all but five Republicans voted for it. It reminds me of something John Cole wrote earlier today. "I really don’t understand how bipartisanship is ever going to work when one of the parties is insane," he said.
