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View Diary: Warren Buffett calls for A Minimum Tax for the Wealthy (107 comments)

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  •  bluezen - the AMT was one of the worse (1+ / 0-)
    Recommended by:
    LilithGardener

    pieces of tax legislation ever passed. It was in response to fewer than 200 high income tax payer who paid no federal income tax. It wasn't indexed for inflation and now hits tens of thousands of middle income families and made the US tax code significantly more complex.

    "let's talk about that"

    by VClib on Mon Nov 26, 2012 at 09:01:42 AM PST

    [ Parent ]

    •  And will hit some families of four making $75,000 (3+ / 0-)
      Recommended by:
      VClib, PatriciaVa, Roger Fox

      this April -- April of 2013 -- if Congress does not act:

      According to estimates by the Tax Policy Center, more than half of all married couples will owe an additional tax of around $4,000 unless Congress acts. And more than a third of families with children will fall subject to the AMT, with parents of three or more children facing an extra tax of $4,700.

      Among married couples with at least two children and adjusted gross income between $75,000 and $100,000, the center estimates that 84 percent will face a significantly higher tax bill this year because of the AMT.

    •  So index it to inflation and raise the (0+ / 0-)

      level. Poof. Problem solved.

      AMT is the only way to go. Otherwise, the loopholes proliferate to make the tax rate meaningless.

      The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries.

      by Words In Action on Mon Nov 26, 2012 at 10:19:39 AM PST

      [ Parent ]

      •  To be effective, (2+ / 0-)
        Recommended by:
        LilithGardener, teacherken

        the AMT needs a major overhaul.  Right now it's quite broken, for the simple reason that Republicans want to see it abolished, and Democrats want it streamlined into a Buffett tax.  Therefore, nobody does anything.

        We need to take back the House - or maybe to buy a few moderate Republicans.  How many would it take?

        Early to rise and early to bed Makes a man healthy, wealthy, and dead. --Not Benjamin Franklin

        by Boundegar on Mon Nov 26, 2012 at 10:45:30 AM PST

        [ Parent ]

    •  and, i repeat my previous assertion: look who (0+ / 0-)

      writes the tax codes/laws/rules . . .

      k street lobbyists.  

      kinda explains everything, doesn't it.

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