Leading Off
1. If you’re still at DFW waiting for your flight, you’ll be glad to know the communications “glitch” is fixed. And can airplane communication problems ever be a glitch? Aren’t they, by definition, wet-your-pants frightening? Discuss.
2. Here’s an interesting story about something called the “alternative minimum tax.” It suggests middle class folks could get socked with a new tax hike this year. It also says politicians don’t want to talk about because addressing it would mean hiking taxes on the very rich. In other words, this story could be written at just about any point in history.
3. If you’re planning on taking Grandma to the zoo on the DART rail line, uh, you might want to make other plans.
3 Comments to “Leading Off”
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The AMT is a perfect example of the Law of Unintended Consequences. Passed by a Congress to supposedly tax wealthy folks who had paid little or no taxes it was not indexed to the rate of inflation. If the AMT had been indexed against the rate of inflation we would not have the current problem.
as for hiking taxes on the rich they are already paying a good portion of the tax bill. The vast majority of Americans pay little or no tax at all
Thank you for correcting my Marxist colleague.
“The vast majority of Americans pay little or no tax at all”. I’m assuming you are referring to the AMT not taxes in general.
If the AMT isn’t fixed this year, it’s estimated that … “Nearly three out of four families earning from $75,000 to $100,000 could face the AMT this year, along with 97 percent of families earning from $100,000 to $200,000.
The amount of the extra tax is not paltry: The 23 million forced into the AMT could each pay $2,000 more than under the regular tax system.
The House passed AMT patch legislation this month on a 216-193 vote, but Republicans say it will die in the Senate or on the president’s desk because it raises taxes on investment fund managers.”