Commentary
As Democrats have become ever-more the party of the hard left they have simultaneously become the party of the easy lie. On Wednesday, President Joe Biden claimed that Republicans’ determination to rein in the massive, automatic entitlements hurtling toward bankruptcy will “make inflation worse.” This from a president who signed a nearly $400 billion green spending bill with over $450 billion in tax increases that is laughably called the “Inflation Reduction Act,” while now accusing Republicans of “lying like the devil.”
A key feature of that law is its complex new 15 percent alternative minimum tax that would add both to companies’ tax burdens and to their compliance workload. As has so often been the case in the past, what the effects will be can’t even be discerned with any confidence based on the actual wording of the statute. According to the Houston-based international law firm of Vinson & Elkins, the new corporate Alternative Minimum Tax’s (AMT) application “in certain contexts is not entirely clear and, absent further regulatory guidance, may apply with respect to certain corporate taxpayers that Congress did not intend to capture.”…