Posted on 10/11/2005 7:55:22 PM PDT by mysterio
It would be great to see the AMT done away with. I don't agree with much Bush has done spending-wise. But his tax cutting policy has been good. Let's hope he comes through on at least getting rid of the AMT.
Tom DeLay got that reinstituted for us in Texas, and the other two states with no state income tax. Got to give us something to deduct.
I agree.
You're right: with so many people already overextended in their home mortgages and a potential housing bubble about to burst, this could be a match thrown into the vapored gasoline of anti-tax resentment.
AI always thought that taxes should be due on Tuesday after the first Monday in November, but I like your idea twelve times as much.
Never happen IMHO. They need the revenue this unfair tax mechanism brings in.
I think we would see some real changes if monthly bills were sent out. There would very quickly be a new Constitutional amendment requiring all new taxes and tax increases to be put to a general consensus.
The "Tax simplification" of 1986, designed in large part by Gephardt, was the big sneaky step. I have not bought a new car since, I can't afford the depreciation. In addition, it put in that 7% of AGI minimum for med expenses.
What a disaster.
There, I clarified it.
Works for me!
I had a condo I bought once for $53K that was improperly classified as commercial property. The county wanted almost $3000.00 a year in taxes, or roughly 5% of the value every year, year after year.
I realized then that if you rented an apartment for $650.00 a month, $300.00 was taxes. Yet those same whiners want a never ending cornucopia of gov benefits.
Sales tax...6-10%
FICA/MED...7.625%
Income tax...12%? average
state income tax...3%? average
Property taxes...??
Hidden taxes and fees??
That's why they hide them!
I definately agree. The concept of "witholding" taxes before income is insidious on many levels, not the least of which is taxpayers never feel the sting. If you've never had it, it doesn't "feel" real. Receiving an entire paycheck and then turning around and making a payment would go a long way to communicating to taxpayers the true cost of government. That's what prices are, after all, a method of communication. Witholding sidesteps this communication, obscuring the true cost of government from the citizen.
What triggers the AMT? Low income? Lots of deductions? Just curious.
They also probably take some comfort in the fact that people in the AMT bracket tend to be heavily concentrated in "blue" states or in "blue" metro areas in "red" states.
Lots of children. The AMT considers them to be tax loopholes.
Hear, hear. The AMT was clinton's favorite tax. A good part of his historic tax increase was to raise the AMT rate.
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