Since Blacks Generally Earn a Lot Less Money, is the Dems' Tax Cut Basically Not Going to Benefit Many Blacks

Question

... as the Dems get rid of the AMT?

I bet Obama, Sharpton and Jesse don't support getting rid of the AMT.

Don't Hillary and Pelosi care about poor blacks?

I bet my neighbors who earn $200,000 to $300,000 per year will save about $10,000 each thanks to the Dems.

Answer 1

Isn't the term Dems tax cut an oxymoron?

Answer 2

Tax cuts can never happen among the working class because they are the only people producing anything .
MSNBC just had a show on contractors and the 60 billion dollar underground economy in California and how they have begun to crack down .
People can dig ditches and install pipe for water or sewage or irrigation without the aid of an engineer .
Yet an engineer who earns over 100,000 can not dig ditches and install the system he designs on his own .
It takes a lot of people to make things happen and only a few to dream them up . Those people who have gone to college get the chance to dream things up and get then done . They do it on the backs of the people and believe they are deserving of everything they get .
That the poor working stiff who does all the labor could have educated himself and designed the project rather then build it .
Our system is based on managing others for profit and since only those people actually doing the work have created anything that can be taxed they must pay all the taxes .

Do you get it .

Answer 3

Over the coming decade, a growing number of taxpayers will become liable for the AMT. In 2010, if nothing is changed, one in five taxpayers will have AMT liability and nearly every married taxpayer with income between $100,000 and $500,000 will owe the alternative tax. Rather than affecting only high-income taxpayers who would otherwise pay no tax, the AMT has extended its reach to many upper-middle-income households. As an increasing number of taxpayers incur the AMT, pressures to reduce or eliminate the tax are likely to grow.

The alternative minimum tax affects a small but growing percentage of taxpayers. When it applies, the cost can be substantial. What's worse, this tax is so complicated that it's often difficult to predict when it will apply. Also, it's often necessary to do AMT calculations even in years when the AMT doesn't apply.

The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. But for various reasons the AMT reaches more people each year, including some people who don't have very high income and some people who don't have lots of special tax benefits. Congress is studying ways to correct this problem, but until it does, almost anyone is a potential target for this tax.
The name comes from the way the tax works. The AMT provides an alternative set of rules for calculating your income tax. In theory these rules determine minimum amount of tax that someone with your income should be required to pay. If you're already paying at least that much because of the "regular" income tax, you don't have to pay AMT. But if your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.

You can have AMT liability because of one big item on your tax return, or because of a combination of many small items. Some things that can contribute to AMT liability are mundane items that appear on many tax returns, such as a deduction for state income tax or interest on a second mortgage, or even your personal and dependency exemptions.

An overview of some of the things that may cause you to pay alternative minimum tax (AMT).

Exemptions
Standard Deduction
State and Local Taxes
Interest on Second Mortgages
Medical Expenses
Miscellaneous Itemized Deductions
Various Credits
Incentive Stock Options
Long-Term Capital Gains
Tax-Exempt Interest
Tax Shelters

Answer 4

Eliminating the AMT is an excellent idea. This African American will benefit from this long-needed tax revision. This tax cut will benefit a great many middle income people like myself, regardless of color.

Answer 5

When Bush first instituted his tax cut, I made $17,000 that last year of Clinton's budget and taxes. I paid almost $1,000 in taxes, and I'm married filling joint!
The year after the Bush tax rates started, I not only paid nothing, I got almost $500 BACK!
I was still under $17,000 as a part time worker going ful time to college.
You tell me who I'm going to vote for, the real tax cutters or the tax and spend crew!

Answer 6

The liberals have done more for the African Americans than any other political party, You really need to STOP twisting the facts and start acting like a adult. Then just maybe you might start feeling better about your self.

Answer 7

Wait so it's bad for Democrats to raise taxes, but bad for them to cut taxes? If you think like most people do, no wonder we're in so much political turmoil.

Answer 8

It's a good thing that blacks have the Republicans looking out for them....lol