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Kandahar · 01-09-07, 05:51 PM

Sens. Max Baucus (D-MT) and Chuck Grassley (R-IA) have called for the repeal of the alternative minimum tax. The AMT is basically designed to prevent wealthy people from taking excessive deductions, by making them pay some minimum amount if their regular tax bill would be less than that. However, in recent years, more and more people have been affected by the AMT, some of whom are merely upper-middle class and not wealthy. Since it is not adjusted for inflation, the AMT affects more and more people every year.

On the other hand, repealing the AMT would cost our government about $100 billion per year at a time when we're already running an enormous deficit.

What do you think should be done?

01-09-07, 05:51 PM	#1 (permalink)
Kandahar Enemy Combatant Join Date: Jul 2005 Last Online: Today 05:12 AM Location: Dayton, OH Posts: 11,031 Thanks: 746 Thanked 2,055 Times in 1,226 Posts Lean: Liberal Gender: Current Mood:	Alternative minimum tax Sens. Max Baucus (D-MT) and Chuck Grassley (R-IA) have called for the repeal of the alternative minimum tax. The AMT is basically designed to prevent wealthy people from taking excessive deductions, by making them pay some minimum amount if their regular tax bill would be less than that. However, in recent years, more and more people have been affected by the AMT, some of whom are merely upper-middle class and not wealthy. Since it is not adjusted for inflation, the AMT affects more and more people every year. On the other hand, repealing the AMT would cost our government about $100 billion per year at a time when we're already running an enormous deficit. What do you think should be done? __________________ In the beginning the Universe was created. This has made a lot of people very angry and has been widely regarded as a bad move. -Douglas Adams

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