This whole Magilla with the Alternative Minimum Tax (AMT) is absolutely preposterous, and as far as I can see the major part of the problem has been caused by Democrats in Congress. Thank you (major sarcasm alert) the likes of Harry Reid, Nancy Pelosi, Hillary Clinton, and all your other liberal cohorts (including fiscal RINO George W. Bush) who want to screw middle classed America. Even if they claim not to support the AMT, you have to wonder why they have not abolished it yet.
The alternative minimum tax was instituted in the late 1960s to reel in tax dollars from about 150 of America's richest families. It cuts out deductions and credits, and was designed to do this to the RICHEST of American taxpayers. Yet over the years it has not been adjusted for inflation. So the outcome has been that anyone TODAY who makes above whatever figure it was they said made you rich in 1969 has to pay the AMT on their income. Every year for years now (when Congress was controlled by Republicans) adjustments were made so as to prevent the AMT from screwing the middle class folks of America,. Yet last year 4 million taxpayers still had to pay the AMT. Get that, last year 4 MILLION people paid a tax meant to reign in 150 super rich families back in 1969.
Now this year, if no action is taken by Congress, it is estimated that as many as 25 Million taxpayers will have to pay the AMT, that would be an increase of 21 million people paying this tax in the course of just one year! Does anyone believe (and I include super liberal ultra donkeys in this question) that we have 26 million super-rich taxpayers in this country? What will happen if this is not corrected is that 22 million more middle class, and lower middle class, and maybe even fairly poor people will be hit with this tax; and all the democrats apparently want to do to take care of it is to make sure some other taxes are passed in order to insure that the expected revenue from 26 million people who would have to pay the AMT is somehow made up for. Don't they get it, we never paid those taxes before, but still they want to make up for them. Are they insane - yes I think so! What they should be doing is reducing taxes and reducing the government spending habits of themselves and guys like President Bush. Heavens help us, I don't think it will get better soon with jerks like them in office.
See: IRS: 38 Million Tax Refunds Could be Delayed (at FoxNews.com) for more info.
As I seem to remember, from my history classes as a youth, this country was in great part formed because of unhappiness over unfair taxation, and that unhappiness eventually led to something called the Declaration of Independence and a revolution. Are these
All the best,