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View Diary: The true culprit behind AMT: Bush's tax cuts (7 comments)

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  •  AMT (0+ / 0-)

    Not sure I agree with everything in the diary.  According to the Tax Foundation website the data cited is from 2005.  Not sure how things have changed since then but as I recall we were first hit by the AMT in either 04 or 05.  What I do know is that the AMT takes away our state tax and property tax exemptions.  Since my wife and I both work in Central NJ our combined saleries put us into the middle of the chart shown in the analysis above.  We are doing OK.  I don't know if the net effect is that we are paying less net tax now when one balances out the AMT and the Bush tax cuts.  But I know that the AMT bite is more than $4K for our family (we live in Somerset Ct) - similar to what is shown in the following link:

    Counties

    The AMT was put into effect for a reason in the late 60's.  It has not adjusted.  I do not think that eliminating the AMT is the answer.  You only have to look at the chart above to realize where the major benefits have been going due to the Bush tax cuts.  Just not sure if taking away state and local tax deductions is the answer.  They are an important part of the revenue stream for certain states, mostly Blue states.  Right or wrong they pay for the education system in NJ.

    Relook at the tax system - by all means.  Continue with things as they are going and more and more people will get hit by the AMT in states like NJ and NY - people who are not necessarily wealthy.

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