The investor class tax proposal

David Cay Johnston -the rare reporter whose eyes don't glaze over at the mention of "tax policy" -- analyzes the recent tax proposals.

The primary proposal by President Bush's tax advisory commission should please stock market investors, taxpayers in the very highest bracket and families with many children. But it may not be so popular with investors in bonds, entrepreneurs, farmers, owners of expensive homes, people in places with high local taxes and charitable donors.

All but the top 1 percent of Americans would have higher tax rates, but for some higher-income taxpayers this would be offset by eliminating the alternative minimum tax.

The proposals would also introduce the first tax breaks based on geographic location, basing the home mortgage tax break on the average home price in each market.

Seems to me the proposals do not support the establishment of the so-called "ownership society" that was supposed to mark preznit's second term domestic agenda (or was he just refering to our "ownership" of broken Iraq?).