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|Subject: Re: Tax upon tax||Date: 12/7/2012 3:35 AM|
|Author: Stonewashed||Number: 410725 of 510955|
I see there is vast ignorance on here about who the AMT effects
It is vastly complicated (patched over year to year to supposedly "fix" hitting those it was not meant to effect aka as unintended consequences), not indexed for inflation, and more often than not, penalizes those who are already living in high-tax localities and states. This is also true during the Bush tax cuts
Really, folks, the tax code doesn't need to be this complicated. The only people who really benefit from it are accountants, lawyers, and those who can afford them.
But, heh, just "sign it", so you can see what's in it. I guarantee you, this time, just like all the other times it has been patched or "overlooked", it is you, not those you think you are going to stiff who will pay it.
As far as some other state and local taxes in high tax states like NY, companies who have no profits to report, due to a downturned economy, end up paying taxes on the company's networth (this is money that has already been taxed once, may have already been subject to AMT and sucked into the government trough, further weakening the business) .
I suspect it won't be long before these states start applying it to individuals too who live in those states, while at the same time pensioners from that state, that moved somewhere else, but still collecting their check won't. That's what they are trying to do in Great Britain to retirees that have moved outside the UK, because they can't afford to live there anymore.
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