AMT: the ticking tax bomb 25 February, 2007Posted by stoptaxing in federal.
Back in the 1960’s it was discovered that 21 millionaires had sufficient deductions to avoid the 70% income tax entirely. Oh no, how dare those rich people not be soaked. So the alternative minimum income tax was born and expanded under Bill Clinton. Now it affects 4 million Americans and could hit 23 million in two years because it is not indexed to inflation.
The AMT could by the backdoor undermine the
Bush tax cuts and become a ticking time bomb for our economy.
Wouldn’t it be better just to abolish this crazy income tax system? Check out the link to the FAIR Tax on this page.