The AMT was first put into place, the intent was to prevent high net worth individuals from paying no income tax – a special case of 155 people. Today, far different problem: 4.5 million.
Fortunately for me, I am not at that level of income, nor am I in one of the states that seems to be targeted: high state sales tax, high state income tax (in short, the blue states where Progressive Democrats have all but led their citizens into this trap).
However, even if there is some measure of "serves you right" in this, it still should be fixed:
- set it onto some kind of index IF you must
- just get rid of it – bad law, bad policy, and only serves the purposes of accountants, lawyers, and greedy politicians.
(H/T: The Corner)
