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AMT: the ticking tax bomb 25 February, 2007

Posted by stoptaxing in federal.
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http://www.ncpa.org/sub/dpd/index.php?page=article&Article_ID=14230

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.

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