If Washington politicians don't act, and it is not likely that they will, the AMT (Alternative Minimum Tax) could cost U.S. taxpayers earning just $50,000 in adjusted gross income as much as $10,000,000,000,000 ($10 trillion). That’s $10 trillion taken out of the private economy and subject to more government waste.
In 1997, the AMT punished 618,000 taxpayers. By 2006, it penalized 3.5 million American taxpayers. By 2007, some 17 million U.S. taxpayers would have had to pay the unfair tax had not Congress passed a temporary patch.
But why was the “patch” temporary? The AMT ought to be eliminated completely! Both Democrat and Republican controlled Congresses have had opportunity to do away with the AMT and neither have done so.
Why?
Because the politicians are as addicted to tax dollars to support their profligate spending as a heroin addict is addicted to the needle!
Stop the madness!
See National Suicide by Martin L. Gross
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