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... I know ALL about the Alternative Minimum Tax.
It was first known as only the Minimum Tax and came into existence in 1970 because of a Treasury report identifying 155 "high-income" (income over $200K) individuals who supposedly paid no income tax at all in 1967. This tax went after those specific individuals. Fast forward to today ... the AMT slams the crap out of millions of American taxpayers because for decades the government did not adjust the thresholds for inflation. I realize you are severely intellectually challenged, zzfart, but even you should realize that $200,000 of income in 1970 is a whole lot different than $200,000 in 2016. They started raising the thresholds slightly a few years ago, but this tax that was implemented to catch only a few families that were known to the government by name is now raping millions of middle-income taxpayers. The politicians have generally turned a blind eye to this travesty because they are COWARDS - the AMT has allowed them to effectively raise tax rates and disallow common deductions without actually having to publicly go before the American people and explain to them that they are raising tax rates and disallowing deductions.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence |
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