McCain would allow taxpayers to circumvent the AMT with an "optional alternative tax system" that could cause new chaos.
"If the new alternative tax system does not offer significant tax cuts, having to figure taxes under two systems and estimate which one would be better would add complexity, not reduce it," the center cautions.
For The Record
Los Angeles Times Wednesday, July 30, 2008 Home Edition Main News Part A Page 2 National Desk 1 inches; 37 words Type of Material: Correction
Tax plans: An article in Thursday's Section A about the presidential candidates' tax proposals and the effect they would have said the deficit was $9.5 trillion. That figure is the overall federal debt, not the yearly deficit.
And although Obama seeks to aid low-income taxpayers by having the government prepare tax returns that the taxpayers would then approve, he has only committed vaguely to "fiscally responsible" reform of the AMT, the center notes.
Another concern, Burman noted, is that Obama and McCain have presented "somewhat differing" versions of their plans on the campaign trail than what they have issued on the Web and in position papers.
"Sen. McCain's proposals on the stump are often far more sweeping than the more measured options outlined by his campaign," the center said. At the same time, "Sen. Obama also often proposes new taxes on high-income households to extend Social Security solvency, but his staff insists that no specific policy exists."
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stephen.braun@latimes.com
