Minimum Tax Creeping Up on Less-Wealthy

Discussion in 'Politics' started by 5stringJeff, Feb 24, 2005.

  1. 5stringJeff

    5stringJeff Senior Member

    Sep 15, 2003
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    Puyallup, WA
    I think we should have a flat income tax, but at the very least, the AMT should be repealed. It is absolutely ridiculous for the government to say that "you didn't pay enough tax the first time around, let's make sure you pay!"

    Minimum Tax Creeping Up on Less-Wealthy
    50 minutes ago Business - AP
    By MARY DALRYMPLE, AP Tax Writer

    WASHINGTON - Bad news. You've spent days trudging through tax forms only to run into a kink that eliminates most of your tax benefits and sticks you with a much bigger bill.

    That kink is called the alternative minimum tax or AMT, and it's creeping up on a growing number of people with circumstances that trigger a trap once aimed solely at the richest tax dodgers.

    The system can strip taxpayers of benefits they would otherwise have gotten for children, out-of-pocket business expenses and state, local and property taxes.

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