subsidizing the rich with your taxes

[mckitterick]

If the richest tycoons on Wall Street get their way, you'll face a significant tax hike this year so they can buy another tropical island. Sound fair?

Here's the deal: A provision called the "alternative minimum tax" is going to end up raising taxes for tens of millions of middle-class households — maybe even yours — unless Congress acts quickly.

Democrats want to cancel this tax increase for the middle class and pay for the shortfall by closing a massive new loophole that's allowing the richest investors on Wall Street to pay lower tax rates than you or I do.

I signed a petition urging Congress to close this tax loophole. Can you add your name to the petition?

Thanks!
Chris

Comments

[steve98052.livejournal.com]

Actually, the alternative minimum tax is a good idea. It was invented as a way to catch high-income people who found enough slimy tax shelters that they ended up with really low rates. The problem with it is that it wasn't indexed, so thanks to inflation ordinary people are starting to get caught by it, not just the high-income people it was designed for. An ideal solution would be to apply the AMT to that massive loophole, and raise the AMT threshold income level, then index it so it stays out of the range of normal people.

As for the petition, it's pointless slacktivism, like most or all online petitions.

[jamer-31.livejournal.com]

http://en.wikipedia.org/wiki/Alternative_Minimum_Tax

all about the alt min tax.
funny story.. lol it was put into place to catch 155 households. so instead of fixing a bit write all new law. sounds about right. oh and chris republicans have been trying to get rid of this bit of tax code for years. in 2006 dems stopped it from going away if i remember right

[mckitterick.livejournal.com]

Yeah, it seems the problem is that this is a 20-year-old bill. *sigh*

[jamer-31.livejournal.com]

that was supposed to expire in 2006. just like federal income taxes were a world war two tax and was supposed to expire when the war did.

oh hey are you home today?

[mckitterick.livejournal.com]

Nope, at the office.

Y'know, if it weren't for the taxes we're paying, we wouldn't be involved in so many wars these days. Hm. Ironic, isn't it, that the party that used to be all about smaller government and personal freedoms is now completely dependent upon huge taxes and federal power?