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The Therapy Sessions
Sunday, July 31, 2005
 

The AMT


We will hearing more about this:
The prospects for major tax changes in the Senate are unclear. The key may be the Alternative Minimum Tax, passed in the 1960s to apply to just a few high-income taxpayers but which, because it is unindexed for inflation, is slated to apply to about 10 percent of all taxpayers by 2010 and to far larger percentages in high-income states like New York, New Jersey, Connecticut, and California. Those four states are represented by eight Democratic senators. Many of their votes come from high-income liberals who will be discomfited, to say the least, to discover that generous deductions will no longer apply to them because they have become subject to the AMT. Former New Jersey Sen. Bob Torricelli, always quick to sniff the political win, sponsored a bill for AMT repeal. Senate Democrats who want AMT repeal may find that they can get it only by supporting a tax bill with other measures they otherwise wouldn't vote for.

What? Tax breaks for the rich?


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