At its last meeting in July, the commission agreed to recommend abolishing the alternative minimum tax for individual, a step that would cost the federal government $1.2 trillion in lost revenue over 10 years.
It would be a huge step forward to abolish the AMT, which the Times obviously deplores. If they abolish that, the mortgage deduction, and medical deductions, it would be a move toward simplification as well. Of course this would hit different people differently, depending on their situations. I have no mortgage, but I have a large family and large medical expenses. I also get nailed every year by the AMT, as do more and more taxpayers every year.
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.
What triggers the AMT? Low income? Lots of deductions? Just curious.