U.S. Congress plays the last minute savior......NOT!

The U.S. Congress

Yesterday the U.S. Congress waited until the last day of the session before the holiday break to postpone the Alternative Minimum Tax. Just in the nick of time, I suppose. The congress postponed (they didn’t have the huevos to eliminate) the tax for only one year so it may be hitting us next year. In 1969, congress voted in the AMT to close loop holes on the rich, so they would pay their fair share of taxes, or to prevent them from not paying taxes at all. Oh really? Dubya has made sure this was not the case and the wealthy never pay the depth of taxes the middle class pays. Ok, back to this AMT. This isn’t what it appears, the word minimum gives us the false impression that there’s some form of a lower tax to be paid. In fact, it’s quite the opposite. The Alternative Minimum Tax or AMT has the filer to make two sets of calculations on their income taxes. You’re required to fill out one form that allows you to deduct mortgage interest paid, medical expenses, student loan interest, credits for your dependents and any other deduction you’re entitled to. Then you have to fill out a return that doesn’t include all the deductions and you pay the HIGHER of the two calculations!! Minimum for who? The tax payer pays the HIGHER of the figures! I’ve seen this line on the tax forms but never actually paid attention to it. In the infinite wisdom of our Congress in 1969, they didn’t index for inflation, so what was wealthy then is now the middle class, 38 years later. So, if you’re an individual filer making $44,350 plus or married making $66,250 or more you are staring down the double barrel of the Alternative Minimum Tax shotgun.

This truly astounds me. I mean, how does the U.S. Congress set all these budgets, take the greenback off the gold standard a few years later, have, well at least I thought they had an understanding of inflation, but, not make provisions for inflation when creating the AMT. Looks like, this was done without regards to the U.S. wage earners, AGAIN. Did any of you know what the AMT was and how it would affect you? Did any of you realize that this had to be put to a vote to avert the middle class from having to shoulder this much of a tax burden? I have NEVER heard ANY of the presidential candidates, Re-puke-licans or Dumb-o-crats (got these oh so appropriate names from my man Field Negro) mention this in all there “vote for me and I’ll set you free” stump speeches.

This is what we have to force the candidates to talk about since concerning they're begging for our votes in the coming months.   We cannot just sit and listen to the same old crap!  Mr. Obama, Mrs. Clinton talk to me about how my living standards are going to change, how my money is going to work for me.  We all use it, we all work for it we need to know whats happening with it.

Comments

[Lisa]

The problem is "talking about" and "being about it" are two different things. . . specifically in politics. Changed the look, huh?

[Ensayn]

Thanks, you are right. I would wish they would talk about it so the public can try and force them to be about it. Time will tell. Yeah I did, just testing out some different looks!