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US164 - Repeal the AMT
| Repeal the Alternative Minimum Tax (AMT) | |
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Arguments
The Alternative Minimum Tax primarily affects upper middle-income people, and usually does not affect those at the very top. It's typically people making $200k–$500k who pay the AMT, especially married couples. These are often young people with careers but no real savings who might be trying to buy a home or start a family. Instead of getting a tax refund every year, many of them find themselves with $10k bills.
Repealing the AMT was included in the President’s budget, and I agree with him. The AMT was created in 1969 to prevent 155 wealthy taxpayers from using loopholes in the tax code to avoid paying taxes altogether. Congress passes a “patch” every year or two to minimize the reach of this tax; however, if they do not act, some 34 million taxpayers will incur this tax in 2012. There is a broad agreement that this is both an inadvertent and unfair effect.
Source: lindasplan.com
Source: lindasplan.com
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