Wall Street Journal
The House Ways & Means Committee passed a $75 billion tax hike on hedge fund managers and other super rich individuals as part of a plan to eliminate the Alternative Minimum Tax (AMT). The AMT, originally targeted at wealthy individuals who through tax breaks pay little income tax, increasingly affects the middle class because of inflation.
Personally, I think Congress should keep the AMT, increase it and index it to inflation. The idea that wealthy individuals could game the system to the point that they aren't paying much tax seems wrong to me. It seems simpler to fix the AMT, particularly because it's irrational to target hedge fund managers.