Eliminating AMT a grand gift for the wealthy


http://finance.fortune.cnn.com/2011/07/20/gang-of-six-deficit-reduction-plan/

Author says:

Gang of Six deficit-reduction plan: Like two toppings on

one sundae… for the rich (I add)

Eliminating the AMT is nothing but a big gift to the ultra wealthy who may be unscrupulous enough to skip paying taxes. The AMT can be adjusted for inflation. It can even be additionally adjusted a-one-time gross amount to compensate for all the years that was not adjusted. But eliminating it altogether is nothing but giving up on progressive taxation and putting more weight on the middle class.

How can the nation put its finances in order if we allow the wealthiest citizens to skip their tax obligations even more? Forget about the Caiman Islands and Luxembourg; the United States is becoming itself a tax haven for the super wealthy.

AMT is in the same category as the estate tax. It is actually worse because the estate tax in on values received from a deceased whereas the AMT is meant to bring in the tax-eluders.

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