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Subject Author Date
In Defense Of The AMT William Brenner 10-21-2007
Posted by William Brenner on October 21, 2007, 7:47 pm
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 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.)

http://www.washingtonpost.com/wp-dyn/content/article/2007/10/19/AR2007101901577_pf.html
Or:
http://snipurl.com/1sf7y
http://tinyurl.com/2wujge

Moderator:
Defending the AMT must be Tax Humor!

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by joetaxpayer on October 23, 2007, 3:07 am
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 William Brenner wrote:

> 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.)
>
>
http://www.washingtonpost.com/wp-dyn/content/article/2007/10/19/AR2007101901577_pf.html

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

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Kurt Ullman on October 23, 2007, 6:14 pm
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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.

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.

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Benjamin Yazersky CPA on October 24, 2007, 7:16 am
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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.

> 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.

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

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Mike Wellman on October 23, 2007, 3:08 am
Please log in for more thread options

> 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.)
>
> http://www.washingtonpost.com/wp-dyn/content/article/2007/10/19/AR200...
> Or:http://snipurl.com/1sf7yhttp://tinyurl.com/2wujge
>
> Moderator:
> Defending the AMT must be Tax Humor!

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

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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