............and now Conrad supports this!!

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Old Jake's picture
Old Jake
Joined: 2/18/08
............and now Conrad supports this!!

I see our illustrious Sen. Conrad is now talking about letting the AMT increased income exemptions expire. For those of you who aren't familiar it was instituted way back when to penalize the "rich". Only problem is that permanent increases for inflation were never implemented. So every year congress must reauthorize the higher income exemption levels. This year I think only couples making more than 70k (adjusted gross income) were subject to AMT. If they let this expire, I believe the level will drop down to around 40k. Like the article states, a huge tax increase for most middle class Americans. But I thought Obama pledged nobody making under 250k would see a tax increase? Oh wait, I guess he is now saying he only meant an increase in "income" taxes. It seems to me the AMT IS income tax. WTF. Someone wake me from this nightmare!!!

Goth's picture
Joined: 6/9/09

Maybe I am miss reading this but............

...............Specifically, the Senate measure assumes Congress will generate almost $400 billion in revenue increases over 2012-15 to protect middle- and upper-income taxpayers from the alternative minimum tax, or AMT. Almost $100 billion more over the same four-year period would be required to extend estate tax relief at 2009 levels exempting estates of up to $7 million from inheritance taxes.

..........Protect you from 1 tax but kick you in the backside with others

Si vis pacem, para bellum   -   If you seek peace, prepare for war

eyexer's picture
Joined: 2/28/07

and when has Obama kept his word.  A liberal has never met a tax they didn't like.


"comin in"'s picture
"comin in"
Joined: 11/7/07

It won't be long and nothing will be tax exempt.  How many more years?????

cynical's picture
Joined: 10/27/04

liberals have a high tolerance for your misery

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