High Point Enterprise in High Point, North Carolina

Panel approves higher minimum tax to reach wealthy

The House Ways and Means Committee backed a tax revision proposal by 25 to 8 to broaden the minimum tax. It would lift the rate to 14 percent and lower the exemption from 30,000 to 20,000, with further reductions as tax preference income rises. The plan would cut regular tax deductions and add all itemized deductions above 70 percent of adjusted gross income to the tax preference list. The panel projected the measure would raise about 700 million dollars next year, targeting roughly 80,000 filers versus today’s 30,000.