Ditch the AMT - it's not what you think it is

wrog

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Wednesday October 12, 2005 · 8:36 PM PDT

2005/10/12 · 20:36

The key point here is the AMT is not a tax on the truly wealthy and never was. And now that inflation has taken its toll, it is a tax on the upper middle class and, if left alone will eventually take in the rest of the middle class as well.

And given how completely Byzantine and almost purposefully punitive it is in its various provisions, there is no better tool than the AMT to turn people into anti-tax zealots willing to burn everything down and start again, which is exactly what Grover Norquist wants. (hint: they left AMT reform out of the 2001 bill for a reason)

And there would be no better tool to help dispel the notion that Democrats never met a tax they didn't like, than a bill to abolish the AMT and raise the upper brackets of the ordinary income tax to make up the difference.

Class warfare? You bet. But in this case, even the accountants would thank us, despite the fact that they'd be losing work; the AMT is that bad.

On the flip, I go into what the AMT is really about. Read More

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