Wednesday, February 07, 2007

AMT: Any One Else Out There Petrified By Bush's Push Toward It?

There are a number of concerns that we should raise when W states outright that he will "balance the budget without raising taxes."

One of them legitimately would be: What about the debt he is lacing around our necks for the Iraq war so that at any moment our lenders can tighten up that noose?

Another would be to question the "Alternative Minimum Tax." I haven't done much research in this area, but it sure sounds fishy to me.
Even President Bush acknowledges that he can't balance the budget without raising taxes.

The president would never put it that way, of course. In fact, his message is exactly the opposite. But the coming tax increase is the unavoidable, unstated subtext of his supposedly balanced-by-2012 budget.

The reason is the governmental cash cow known as the alternative minimum tax.
What say you blogisphere?

1 comment:

Anonymous said...

The Alternate Minimum Tax is not adjusted for inflation

AMT experiment:

When filling out your 1040, 1040A, or EZ, double your AGI income and see what your AMT tax liability would be. That's your income in 20 years, after inflation. And AMT.