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September 16, 2012 at 3:43 am #770307
jamminjMembersomething libs have known for a long time.
Rick Santorum: Conservatives Will Never Have “Smart People On Our Side”
http://www.buzzfeed.com/rosiegray/rick-santorum-says-smart-people-will-never-be-on
September 16, 2012 at 5:42 am #770308
JanSParticipantjamminj…here’s a great read..it’s long , there’s swearing, but it really is apropos of this conversation..
September 16, 2012 at 2:47 pm #770309
redblackParticipantkootch:
28 million middle class taxpayers get hit with the reappearance of the dreaded AMT.
middle class taxpayers do not pay AMT. that’s for the top 2%. and willard wants to do away with it altogether.
but right on, kootch. i agree: let’s run that sucker off the cliff. the bush tax cuts should never have been signed in the first place.
September 16, 2012 at 3:05 pm #770310
kootchmanMemberOhh are you so so so so wrong on that one! I paid AMT like clockwork! Your business was that bad? No wonder you are an Obama queen bee! they sure as hell did pay it… it was the sweet spot of the IRS….! When good Dubya upped the small business deductions to 100K and allowed for a 100 per cent deduct for small business , and a direct deduct from the AMT…it was a gift from the gods. And.. small businesses spend money like crazy! In fact the AMT hit the middle class the worse .. cause it was never adjusted for inflation..the infamous bracket creep….here are the tables….
http://en.wikipedia.org/wiki/Alternative_Minimum_Tax
right from the CBO 2004 report to Congress…
“Over the coming decade, a growing number of taxpayers will become liable for the AMT. In 2010, if nothing is changed, one in five taxpayers will have AMT liability and nearly every married taxpayer with income between $100,000 and $500,000 will owe the alternative tax. Rather than affecting only high-income taxpayers who would otherwise pay no tax, the AMT has extended its reach to many upper-middle-income households. As an increasing number of taxpayers incur the AMT, pressures to reduce or eliminate the tax are likely to grow.
That sure as hell wasn’t the 2 per cent …. that was almost every married couple making 100K jointly or more.
September 16, 2012 at 3:37 pm #770311
redblackParticipantkootch: hardly any regular working americans get hit with AMT, because most people work for someone else for a living.
nearly every married couple? i fall into that income range – because my wife works her lazy, liberal, atheist ass off – and we just pay regular old income taxes.
how ’bout any of you other WSB’ers? anyone else pay the AMT? any non-business owners and trust fund babies, that is? anyone with income above the threshold for singles, which is $48,000, pay the AMT? or any married couples, which is $75,000?
http://www.smartmoney.com/taxes/income/the-alternative-minimum-tax-9540/
the AMT is mainly for trusts and corporations and individual income that is not subject to regular income taxes. it’s there to close a loophole that would allow alternate forms of income to pay no taxes whatsoever.
wow. that’s kind of funny. you want to create a loophole for willard. and yourself.
and i note that corporations’ exemption has been $40,000 since 1986, and the tax is 20%. nice!
September 19, 2012 at 5:10 am #770312
redblackParticipantbump.
any west seattleites paying the AMT?
any at all?
i’ll even talk to the trust fund babies and business owners.
September 20, 2012 at 5:01 am #770313
redblackParticipantSeptember 25, 2012 at 4:00 am #770314
redblackParticipant -
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