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Sun Dec 23, 2012, 06:17 PM

the AMT is not a middle class tax [View all]

from Citizens for Tax Justice

http://www.ctj.org/taxjusticedigest/archive/2012/11/despite_what_youve_heard_the_a.php

"If Congress departs from its annual tradition of steeply reducing the Alternative Minimum Tax (AMT), 57 percent of the tax will be paid by the richest five percent of Americans and 91 percent of the tax will be paid by the richest fifth of Americans. If Congress does reduce the AMT as usual, almost all of the tax will be paid by the richest five percent of Americans.

The AMT is one of the factors contributing to the hysteria in Washington about the so-called “fiscal cliff,” the point at which several tax cuts expire and several spending cuts go into effect at the end of this year. Lawmakers and observers often mistakenly portray the AMT as a tax that will affect middle-income Americans if it is not controlled."

From 2009, the top 20% got a whopping 92.6% of the benefits from the AMT patch. The top 5% got 43% of the benefits.

http://www.ctj.org/pdf/amtpatchisnotstimulus.pdf

Yet the M$M spreads the message that "we need to patch the AMT to help the MIDDLE CLASS"

I don't think the top 20% is part of the "middle" and the top 5% certainly is not.

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hfojvt Dec 2012 OP
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TheKentuckian Dec 2012 #19