Grassley to Push for AMT Repeal
Written by Sam on January 9th, 2007
Senators Chuck Grassley (R-Iowa) and Max Baucus (D-Montana) claim that they intend to push for the repeal of the Alternative Minimum Tax, a tax implemented in 1969 to punish Americans for having the nerve to pursue the American dream and become wealthy. The tax was implemented without any kind of inflation index so as the years have gone by what began as a punishment on the richest of the rich has now become a whip cracking on the backs of middle class American families.
It’s hard to gauge as to whether this could actually pass a Democrat controlled Congress, but with thin majorities in both houses now is the time to see how effective all of these new so-called moderate Democrats will be. The predictable arguments are already forming. Jim Abrams, economically ignorant Associated Press writer, mentioned in his piece how repealing this tax would “cost” up to $1 trillion over ten years. Mr. Abrams apparently has paid little to no attention to the fact that since the Bush tax cuts came into play tax receipts to the Federal Government have increased, not declined. He also accused the original recipients of the AMT in its infant years as “tax dodgers” which is an out and out lie because they used legal tax laws on the books to lower the amount of government theft from their bank accounts.
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PM
You refer to taxes as “government theft from bank accounts” and expect to be taken seriously? You sound like some redneck Limbaugh listener. How do you propose that national defense be funded? Charity?
9
PM
That’s true, it can’t really be called theft from bank accounts. Theft from paychecks? Doesn’t have the same ring though….
10
AM
The AMT is theft.
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PM
Does the AMT have a maximum level of salary or ceiling where it stops applying? In other words is it still taxing the rich or just the middle class?