"if some dude wants to buy a 5 million dollar house with a 4 million dollar mortgage, I don't want to subsidize that."
That's understandable. But we came very close to hitting it last year, with an AGI of about $120,000 for the two of us, and a mortgage of about $300,000. That's not Trump Territory.
that is right, and that is exactly why the limits need to be adjusted.
if you toss the whole AMT, the guy with a 4 million dollar mortgage on his summer house in the Hamptons is going to be paying less federal income tax then you and I.
I love it. I swear sometimes Congress leaves mines like this in the tax code just to keep people angry and voting Republican to "cut taxes" only it doesn't happen.