ALTERNATIVE MINIMUM TAX - AMT

ALTERATIVE MINIMUM TAX - AMT

"Ever since the late 1960s, the tax code has included alternative minimum tax provisions theoretically designed to prevent the 'rich' from using loopholes to avoid paying any federal income tax at all... Three things are now pulling middle-class families into the maws of this tax. First, unlike the normal income tax, the AMT was never indexed for inflation. As wages have crept up with prices, workers making relatively less-affluent incomes have crept closer and closer to the threshold that will subject them to the AMT. Secondly—and ironically—the cuts in the income-tax rates secured by President Bush are causing more middle-class families to have lower tax bills under the ordinary tax, thus exposing them to a potential AMT liability that would essentially seize the income that the Bush tax cuts would let them keep. Thirdly, the AMT does not allow deductions for dependent children, state income taxes or property taxes. Under AMT, more children means more federal taxes, and a more valuable house means more federal taxes... Why won't an all-Republican government push to simply abolish the AMT? Because it has already made plans to spend every penny of revenue the AMT will bring in to the federal coffers from its expanded taxation of middle-class families."
—Terence Jeffrey

If the Conservative Republicans don’t put a stop to the spending of the Liberal Republicans and the Leftist, Liberal, Socialist Democrats, the public will get confused as to which party is the home of the “TAX AND SPEND SOCIALISTS.”

Conservatives stand for less taxes and less government programs and regulations and more personal freedom.

Liberals stand for more taxes and more government programs and more Big Brother.