Cost of tax reductions. The alternative minimum tax is 28 . If your tax rate was lowered to 25 . You still have to pay 28 . That is correct. For incomes between to london thousand dollars and 500,000, the effective tax rate is 35 . You hit the 35 rate and incomes fire lower than the income levels at which you would hit the 35 rate and regular tax. Why do they call it a patch . It is a one time year by year patch to stop the broad expansion. You could ask why they call it a cliff. They have discussed this in terms of the patch. It is a year by year increase in the exemptions. The patches nothing but the increase in the a in the exemption to prevent tens of millions of people from being forced to fill up the return you have. The only thing i would add is the package, what makes this so critical in the fiscal cliff discussion, is we are talking about the past for the 2012 taxable year. Unlike the rest of the fiscal cliff which effects rates that will apply next year. The patch applies for
It was july 6th. Im looking at the actual transcript. July 6th when you and i chatted about the Republican Convention in florida and both of us were very doubtable that it would actually happen, and we had to wait until now to discover how correct our doubts were. Its untenable, and it has been untenable from the very beginning. When the Jacksonville Sheriff came out last week, it was like, no, no, no, cant do it. Im a republican. I would love to be able to do it. Its my job. Cant be done. You guys havent got it together to plan for what venues. Not possible. It was just a matter of time before they had to call the thing off. But now i dont actually know what theyre going to do. Theyre going back to North Carolina after canceling there and dissing them and they havent made any plans for that portion of the convention either. I mean, what a mess. No. And you could listen to every word donald trump said about it today at the White House Briefing and come away with it with no idea what th
Because now they are under active investigation so he couldnt possibly remark. Yeah, watch for that. Thats going to do it for us tonight. Now its time for the last word with lawrence odonnell. Good evening, rachel. It was july 6th. Im looking at the actual transcript. July 6th when you and i chatted about the Republican Convention in florida and both of us were very doubtable that it would actually happen, and we had to wait until now to discover how correct our doubts were. Its untenable, and it has been untenable from the very beginning. When the Jacksonville Sheriff came out last week, it was like, no, no, no, cant do it. Im a republican. I would love to be able to do it. Its my job. Cant be done. You guys havent got it together to plan for what venues. Not possible. It was just a matter of time before they had to call the thing off. But now i dont actually know what theyre going to do. Theyre going back to North Carolina after canceling there and dissing them and they havent made a
Its a place i love. A tremendous list of speakers, thousands of people wanting to be there. The pageantry, the signs, the excitement were really, really top of the line. But i looked at my team, and i said, the timing for this event is not right. Its just not right with whats happened recently, the flareup in florida. I said theres nothing more important in our country than keeping our people safe. Whether thats from the china virus or the radical left mob that you see in portland. So i told my team its time to cancel the jacksonville, florida, component of the gop convention. Indeed, just today in florida, over 10,000 new cases have been reported and 174 deaths in 24 hours. Thats a new oneday record. Floridas now number three on the list of states with most cases in our nation. Trumps decision to cancel the convention also comes on the same day the u. S. Topped 4 million infections. We were at 3 million just 16 days ago. But the president , after canceling the Convention Due to public
Having me. Melissa we will get our fill, no doubt. President trump hosting republican lawmakers at the white house right now. We expect to hear reaction from him to the Supreme Courts decision to uphold his ban on travel from several mostly muslim countries. The president tweeting, Supreme Court upholds trump travel ban. Wow the 54 decision finding the travel ban which affects visitors from five mostly muslim countries, plus north korea and venz does not venezuela does not discriminate against muslims or cede the president s authority. And the number two democrat blasting the decision. Every dangerous person trying to come in the country and to categorically brand people because of their religion, background or the country theyre from is not the way we should do things in america. Melissa Shannon Bream is live outside the Supreme Court with more. Shannon . Shannon its been a busy day. You saw the president tweeted congratulations to himself. Bit of surprise it sounded like with the wor