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Thread: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

  1. #21
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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Amazing that the governments budget gets to adjust each year for inflation but somehow OUR budget doesn't.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by Kandahar View Post
    Meh, I actually agree that they should just get rid of the AMT (or at least seriously reform it) rather than doing this dance every single year where they patch it. It's nothing more than an accounting trick: as long as it technically remains on the books, that money can be used for revenue forecasts...even though everyone knows it will just be patched again the next year.

    The basic concept is good: make sure that rich people are paying taxes. But I think a better approach would be to see if we REALLY need such a complex tax system in the first place. Let's analyze all of the various deductions and see if they actually accomplish anything that the government should be incentivizing at all. My hunch is that there are a few good deductions (tuition, health care expenses, charitable donations) and a lot of bad ones (mortgage interest, retirement savings). Let's just keep whichever deductions actually benefit society, scrap the rest, and get rid of the AMT. If rich people are still able to avoid paying taxes after the tax code is simplified, then they must be doing something that we want to incentivize.
    An economy can't thrive when people aren't buying houses. That "interest" being paid is associated with the risk associated with buying a house, and it has a HUGE impact on the economy. Building a single house puts many other businesses (and people) to work; the trickle down effect is tenfold when you consider the suppliers and the suppliers to the suppliers, etc.

    If you don't incentivize that risk, many people just choose to stand pat and live where they are, perhaps even rent as a first option. That has almost ZERO positive effect on the economy.

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    Re: Taxpayers Anxiously Await Annual 'Patch' to Alternative Minimum Tax

    Quote Originally Posted by Zyphlin View Post
    Amazing that the governments budget gets to adjust each year for inflation but somehow OUR budget doesn't.
    Right now the current government seems to be budgeting like a newly wed couple keeping track of bills in a pizza box on top of the fridge. Nothing written down, and no real plan. Recipe for disaster.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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