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Author Topic: HarryReidSucks.com - Alternative Minimum Tax  (Read 2292 times)

StevenTing

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HarryReidSucks.com - Alternative Minimum Tax
« on: November 06, 2008, 05:08:03 pm »
The Alternative Minimum Tax was created in 1969 and was designed to target 155 specific high-income households that were using the tax code to their benefit and paying little to no tax at the time. At the time, it was great and was able to achieve its goal. Now, the AMT is affecting more and more individuals. As the years pass, incomes tend to grow with the economy. The problem with the AMT is that the limits affect individuals do not grow as well. As a result, Congress has to apply little patches here and there so that it doesn't affect too many people.

In an article from TheHill.com, there was a recent attempt to apply another fix to the AMT. My question is, why don't we just get rid of it? Part of the answer lies in the amount of revenue that it generates. There are projections that it could provide $800 billion to $1.5 trillion over the next ten years.

Personally, I'd rather just get rid of it all together. How does all of this tie back to Mr. Reid? He is the one that can put the bill on the floor for a vote. Because of political differences, we'll have to wait again, for the last minute, for something to be done about the AMT. Why not propose a new bill instead of shooting down a proposal?

http://thehill.com/leading-the-news/reid-rebuffs-republicans-on-amt-fix-2008-07-01.html
Utah

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