Okay....what I don’t get is this....they are worrying that 25 million folks are gonna get hit with the amt this year; that is 21 million more than last year. Are they worried that if they adjust the amt to a more realistic level they will lose revenue that will have to be balanced by raising other taxes ? What revenue have they lost to begin with if this year certain folks did not pay the amt but next year they’d have to (but didn’t because the amt was adjusted)?
I read the yahoo article. They changed the AMT levels...but had to raise taxes on investment fund managers to make the changed revenue neutral. That wont pass, so the whole legislation is going to fail, and may be even vetoed.