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In Defense Of The AMT

Here is some food for thought and a potential source for lively discussion.

(Please note that the contents do not necessarily reflect the views of the contributor. So please, as the said in the old west, don't shoot the piano player.)

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Moderator: Defending the AMT must be Tax Humor!

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Reply to
William Brenner
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I understand the desire to close tax loopholes and to pay one's fair share. At the risk of sounding like "as long as you don't tax me" I think there should be some basic sacred cows, mortgage interest, property tax, state tax, which the AMT should not negate. Living in a state (yes, I live here by choice, no one twisted my arm) that has high income and property tax, and now I find that my property tax and much of our state income tax is canceled by the effect of the AMT. Long term cap gains also are not 15%, more like 22.5%. Funny, mortgage interest, which I've done my best to minimize, is allowed, right up to my gross income, but the other two, out of my control, are not. JOE

Reply to
joetaxpayer

Next, they will be coming out for slower depreciation, elimination of the mortgage interest deduction and for jock itch.

Reply to
Mike Wellman

Most of the real problems with the AMT could have been avoided if they had merely indexed AMT to inflation like they did most of the rest of the tax code. Although it is probably a good idea to have the concept of bracket creep reintroduced on occasion.

Reply to
Kurt Ullman

I don't think that indexing will really only tax those really wealthy taxpayers that it originally intended to. ___________________________________

-----> real address on hobokeni or hobokenx

Reply to
Benjamin Yazersky CPA

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