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A Presidential panel recommended abolishing the Alternative Minimum Tax (AMT). The panel members are now working on proposals to replace the $1.2 trillion in revenue that AMT is forecast to generate over the next 10 years.

David Jacobs
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A short thread popped up on the Mishedlo board about the repeal of AMT.

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A Presidential panel to study abolishing AMT?

The dingbats who write the tax law don't need a commission to study the AMT problem. The problem was developed basically because regular income tax rates have recently been reduced while the AMT tax rate remained constant. Thus, instead of only a small % of taxpayers being captured by AMT, there will soon be a large % of "normal" taxpayers captured by AMT.

When Bush lowered the personal income tax rates a few years ago the future AMT problem was set it motion. Hey George, it's a bit two-faced to be outraged about the AMT problem when YOU created the problem... but I understand it's a political thing because it sounds good to say you lowered income tax rates.

Your Federal government's solution to the AMT problem:
Set up a Presidential panel and study it for months.

My 5 minute VERY simple solution to the AMT problem:
Either lower the AMT tax rate or increase the AMT taxable income exemption amount.

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Re the AMT, I ran across this excellent article on the problem:

Good background, and even some good suggestions on how to fix the problem. Note that the article was written almost three years ago...

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Heck, just add it to the deficit like is being done to so many other things. What was it cheney said? something about Reagan taught us deficits don't matter.

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