Stop the Alternative Minimum Tax
If the richest tycoons on Wall Street get their way, you'll face a significant tax hike this year so they can buy more hookers. Sound fair?
Here's the deal: An obscure provision called the "alternative minimum tax" is going to end up raising taxes for tens of millions of middle-class households—maybe even yours—unless the Senate gets its head out of its ass.
Democrats want to cancel this tax increase for the middle class—and pay for the shortfall by closing a massive new loophole that's allowing the richest investors on Wall Street to pay lower tax rates than you or I do.
The bill passed the house, and super-rich investors are making big campaign contributions and lobbying hard to keep their loophole. *Their* Republican representatives played along - not a single one passed it. But the Dems got it done, surprisingly enough, and now it's up to the Senate.
Can you sign our petition to close the mother of all tax loopholes?
Click here to add your name—and see how much more you're paying.
posted by kate @ 11:00 AM
1 comments
1 Comments:
No one is going to "face a significant tax hike this year," anymore than they would have last year or the year before. The AMT has been around since 1970. It does, however, need to go away.
It's not going to get done without removing the increases or creating new loopholes. The representatives on Congress know just how much America depends upon the 1% of taxpayers who pay 40% of the Federal receipts and the 10% who pay 60%. Sure, they'll campaign on "sticking it to the rich," but they won't. Heck, most of them use the current tax law to pay the lower taxes on capital gains, etc... They aren't going to raise their own taxes.
That's what gets me about the sheer ignorance of some people. They are fond of discussing the near-confiscatory income-tax rates of the 1950s and early 1960s. Yeah, sure, there was once an income-tax rate of 90% on some incomes. But NOBODY paid 90%, not even close. These people must think Joseph Kennedy etc., let themselves be taxed to death. Loopholes. Despite that the tax rate was near-confiscatory, no one paid such a rate.
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