Re: Jumbo home motgage loans getting much cheaper in a couple of weeks???

In article <MPG.220b54e47f4389cf98b408@xxxxxxxxxxxxxxxxxxx>, Stan Brown says...

Wed, 30 Jan 2008 18:57:03 -0700 from Rick Blaine <dont@xxxxxxxxxx>:
AMT was one of those "soak the rich" taxes that one political party loves
to implement.

No, AMT was a response to the problem of people who made millions
(literally) in income but through creative tax shelters paid no
taxes.

And that was back when a million was a lot of money.


Exactly. It was to get away from "soak the middle class", not "soak the rich".
It just wasn't properly tied to income/inflation changes.

Banty (independant voter, registered Republican in New York state)

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Relevant Pages

  • Re: 2005 AMT Change Question
    ... >>> the refind is not included in AMTI in the current year, PERIOD, ... >> income for regular tax purposes and then adjustments are made. ... >>> USC 56is that AMTI is calculated, ...
    (misc.taxes)
  • Re: question on Alternative Minimum Tax
    ... Normally, if you make an extra $1, you may pay a higher tax rate on ... With the AMT, does it instead cause the entire ... income to be taxed at a flat rate. ...
    (misc.taxes)
  • Re: AMT Carryover to 1040 2007
    ... My income is all W-2 income. ... Total Federal Tax 10,070 ... 6100 Unreimbursed employee expenses ... Here is how the AMT worked out: ...
    (misc.taxes)
  • Re: "Macdonald" - get off the sauce
    ... " Income within the meaning of IRC 61a carries ... he bitches about how the recovey ... >>> recovery DECREASES your AMT. ...
    (misc.taxes)
  • Re: 2005 AMT Change Question
    ... >> determining alternative minimum taxable income. ... > any taxable year the following treatment shall apply (in lieu of the ... > treatment applicable for purposes of computing the regular tax): ... >>> regardless of whether AMT is paid in addition of regular tax. ...
    (misc.taxes)