2006-08-01 10:41:31 · 4 answers · asked by Peter B 2 in Business & Finance ➔ Personal Finance
a tax on "preference items" originally designed to to tax the rich, but never indexed for inflation, so more people are subject to it every year
2006-08-01 10:47:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It originally started as a way for the government to rape 22 millionaires for taxes because they did not pay any after scrupuously following the tax code for the previous year. The government wanted to "get even with them" and so passed the AMT. Over time, people's incomes have risen to such levels that now, even John Q. Public who works at a job and is nowhere near a millionaire, might find himself paying the AMT. It needs to be repealed and a new, revamped, and FAIR tax system instituted. When the top 1% of wage-earners pay 37% of all federal income taxes and the top 50% of workers pay 96%, we need a new, revamped and FAIR taxation system.
2006-08-01 10:52:47 · answer #2 · answered by christopher s 5 · 0⤊ 0⤋
A good rodgering by Uncle Sam.
2006-08-01 10:43:45 · answer #3 · answered by kvuo 4 · 0⤊ 0⤋
Please get an accurate description on irs.gov
2006-08-01 10:46:53 · answer #4 · answered by kearneyconsulting 6 · 0⤊ 0⤋