Democrats Tilt Stimulus Toward the Affluent With AMT Fix

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Define rich.
I had to pay an average of $2000 extra per year for the last 6 years because of the amt. We do well (low 6 figures) but by no means should be lumped into the 'millionaires'.
AMT was developed in '69 to hit the people who paid no tax. Since then, it has not been adjusted for inflation.

Tom of PA 1:12PM February 20, 2009

More and more middle-class people are being hit with AMT. I'm a single father with two kids in college, and I live in the high-cost, high-tax state of California (whose taxes have just been raised again in the just-passed budget for 2009). I am by no means "rich." Now, I believe in a progressive tax rate, and I don't mind being in a higher tax bracket, as long as there is a level playing field. AMT should be eliminated, or else rewritten so that it only applies to the truly rich rather than the middle class (by today's standards, not 1969's) and made adjustable for inflation.
President Obama pledged to do more to help the middle class. He should be leading the charge to permanently fix the AMT or repeal it altogether.

Brian of CA 4:06PM February 19, 2009

Fixing the AMT mess does not favor the rich, rather it favors the middle-class who get hit with a tax meant for the wealthy.
This is not a Democrat or Republican issue beyond the fact that neither party has the courage to fix it.

Ed S of NY 3:53PM February 16, 2009

I get whacked every year for another $4k. It's due to my high property tax (I live in TX). As inflation is set to rise greatly due to the stimulus that just got passed, there are going to be alot of people impacted. The dirty little secret is that the government can campaign about reducing taxes and they do for the regular tax code. But AMT wipes it off the backend. From some of the blogs I've seen on the liberal sites, they're already complaining about the fact the top earners are getting back more money with the stimulus and the AMT changes than the lower wage earners. I wished they'd look at the bills and do the math to realize that when you pay in so much more, any percentage will result in a larger actual dollar amount returned. But that's not what it's about - its redistribution they want. And if they want it, they're going to have to pry it out of my cold dead hands.

David of TX 2:20PM February 15, 2009

The AMT is nailing the middle class in ever increasing numbers. It should be severely phased back, or wholly replacced with a proper marginal tax rate. Take it from someone who is not "rich", who has gotten whacked 4 years running by this beast, while those who don't work for a living, but collect off of investments, get a huge tax break. It was never indexed due to congressional idiocy, and couldn't be changed the past few years due to the large hole in tax revenue created by Bush's handouts to the uberwealthy.

dr gonzo of WV 10:45AM February 14, 2009

I'm sorry but I'm not a millionaire not even close and I certainly am not trying to avoid paying income tax but when I pay 28% federal tax (not to mention the other 20+% in every other tax known out there) it's a bit frustrating to have to pay several thousands in AMT..I have 4 kids and no credit for that either..yes and I didn't lose 200K in my 401 only 70K which totaled 40% of my 401K..I can't seem to save because I'm paying too much tax go figure, but I'm certain the gov't knows better what to do with my money than I do..

not joe the plumber of SC 10:45AM February 14, 2009

Because there's something in the air
We've got to get it together sooner or later
Because the revolution's here
And you know it's right

PD Quig of CA 10:31AM February 14, 2009

I can't believe the inaccurate info in this article. I don't make $250,000 and I live in WI and I pay AMT. Get real people, first of all those of you who commented, don't believe everything you read, really, don't believe anything you read.
Also, if you would like to know the reason I pay AMT, it is because I have 5 kids and those "deductions" are what cost me. I don't have any other deductions that are out of the ordinary. Just property taxes and state taxes.
Also, I spend ALOT of money. Tax cuts for me will actually do something because I will spend the money. We travel, we shop (3 teens, we really shop), we dine out, we spend. So bring on some tax cuts and I will do my best to help the economy!

Nicole of WI 9:39AM February 14, 2009

redistribution. Yes, from the poor to the rich.

Wes of TN 11:37PM February 13, 2009

I have absolutely no faith in our so called "government." The only thing they care about is helping the rich keep as much of their money as they can. These idoits have not figured out that it is the middle class that sustain this country.
I don't know about anubody else, but i think it's time for another "TEA PARTY."

Mike of CA 9:14PM February 13, 2009