Another Plead For Advice From The Econo Watchers

Discussion in 'Economy' started by Annie, Feb 26, 2007.

  1. Annie
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    Annie Diamond Member

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    I've been hearing about this 'tax' for a long time, seems this is the year it hits. What do you think of this analysis?

    http://www.usnews.com/usnews/biztech/capitalcommerce/070226/whats_worse_the_amt_or_a_reces.htm


     
  2. Hamiltonian
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    I think that the AMT is somewhat good and also somewhat bad. What it does is it large affects people who manage to get a lot deductions, which are often people go through loopholes to avoid paying taxes. On the other hand, it can somewhat complicate the tax system, and it does punish people for some things that it shouldn't.

    Overall, I think that the AMT should be repealed, and the main tax system revamped to be simpler, and include many less loopholes in the first place. I think we should also repeal the Bush tax cuts. I think that this won't affect the economy that much, and we ought to pay for the budget somehow, to help out long term growth. I would say that the radical moves discussed that would balance the budget without cutting taxes are simply not going to happen. Cutting a budget is a much more difficult political goal compared to raising taxes.
     

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