no one likes to pay taxes, but someone has to.
the original intent of the AMT is still sound. the only problem with it is that the income thresholds and deductions scale has not been adjusted over time, hasn't been indexed for inflation, increases in property tax and mortgage interest levels, etc. they don't need to repeal the AMT, they need to adjust the thresholds.
Quote: "the original intent of the AMT is still sound. the only problem with it is that the income thresholds and deductions scale has not been adjusted over time, hasn't been indexed for inflation, increases in property tax and mortgage interest levels, etc. they don't need to repeal the AMT, they need to adjust the thresholds."
Whatever the stated intent of the AMT was, the REALITY of the AMT is now smacking us in the face. Of course the income thresholds and deduction scale has NOT been adjusted. It was done purposefully so that the AMT would no longer be "alternative" but the norm, the way all Americans are taxed. In short, by not making adjustments, this allows the dems to raise taxes without ever having to actually vote to do it. A dirty dem trick, but one well designed back in the days when the dems ruled congress.
ping