Welcome Guest. Register Now!  



Poll: Do you favor the abolishment of the AMT tax?
Poll Options
Do you favor the abolishment of the AMT tax?

Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-28-2008, 07:48 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,397
Blog Entries: 3
Do you favor the abolishment of the Alternative Minimum Tax?

Is the AMT tax affecting you to the extent that you feel compelled to vote for its abolishment? If so, please submit your vote here.


1. No. It does not affect me and I do not care to abolish it.

2. Yes. It does affect me, and I do want to abolish it.


For a definition of the AMT Tax, please refer to the link below.
What is the Alternative Minimum Tax?

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Last edited by TaxGuru : 03-03-2008 at 12:56 PM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-29-2008, 12:05 AM
Junior Member
 
Join Date: Mar 2007
Posts: 11
Do you favor the abolishment of the AMT tax?

Absolutely!!!

I would love to have this complex tax code abolished!! Period!!I don't understand it and I end up paying a substantial amount at tax time, and I can't avoid it!!!

Anybody found a way to avoid this tax, please let me know!!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 03-01-2008, 01:01 PM
Junior Member
 
Join Date: Jan 2007
Posts: 5
I say scrap this insiduous tax! Its nothing but a nightmare!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #4 (permalink)  
Old 03-01-2008, 01:05 PM
Junior Member
 
Join Date: Jan 2007
Posts: 5
Mongrel,

I agree with you 100%! I always end up owing taxes every year, despite my best efforts, this AMT really gets me trapped! I abhor this tax!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #5 (permalink)  
Old 03-02-2008, 04:23 PM
Member
 
Join Date: Jan 2007
Posts: 40
Abolishing this tax would cost Trillions of dollar of lost revenue over 10 years!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #6 (permalink)  
Old 03-02-2008, 09:57 PM
Junior Member
 
Join Date: Jan 2007
Posts: 14
Why I think that at least an attempt should be made to reform the AMT!

Why I think that at least an attempt should be made to reform the AMT!

It is worth noting that the AMT tax is not indexed for inflation, and since deductions have risen over time, the number of taxpayers who will be paying it will rise substantially over the next 5-10 years.

A number of studies have projected that the number of taxpayers who are going to be subjected to this insiduous tax is staggering:

1. It has been estimated that about 9 million taxpayers will be affected by 2007.

2. It has been estimated that about 20 million taxpayers will be affected by 2011. In fact it has even been forcased to by the year 2011, almost 60 percent of all federal tax revenues will come from AMT.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #7 (permalink)  
Old 03-02-2008, 10:02 PM
Junior Member
 
Join Date: Jan 2007
Posts: 7
You got to be kidding right, 60% of the tax revenue expected to come from AMT tax by 2011!!!!

I think it doesn't sound fair, it's complicated and I have to spend a lot of money and time to comply with this law! I think its a form of double taxation..

New Congress must tackle this tax, at least index it for inflation!!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #8 (permalink)  
Old 03-02-2008, 10:06 PM
Junior Member
 
Join Date: Jan 2007
Posts: 11
Congress has to find a way to tax the Super Rich, so AMT should stay!

I heard the rich aren't paying their fair share, the AMT tax attempts to correct this imbalance.!

It may not be the best way, but at least its a way for Uncle Sam to get their hands into their deep pockets, right..!

Perhaps, indexing is a modest way of reforming this tax!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #9 (permalink)  
Old 03-03-2008, 12:04 AM
Junior Member
 
Join Date: Jan 2007
Posts: 7
AMT is a form of double taxation! Scrap it, it is Unfair to the Middle Class!!

AMT is going to hit American MiddleClass very hard, both today and tommorrow!

I agree with the members who say it should be at least indexed for inflation..They should not affect taxpayers with AGI of less than $200,000!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #10 (permalink)  
Old 03-03-2008, 12:44 AM
Junior Member
 
Join Date: Jan 2007
Posts: 4
I think it is better to raise the over all tax rates than have this menace of AMT in existence! It takes me so long just to figure out how it works and I have tried to avoid it unsuccessfully..

Get rid of it! My 2 cents!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
AMT and withholding mytax101 Alternative Minimum Tax 1 03-03-2008 02:40 PM
Latest changes to AMT for tax year 2007? TaxGuru General 0 02-12-2008 03:53 PM
How Can I avoid the dreaded AMT Taxes? bookkeeping Miscellaneous 0 06-08-2007 08:53 PM
What is the impact of AMT taxes on individual tax returns? aron Alternative Minimum Tax 0 04-03-2007 01:50 AM
AMT Taxes Daso Alternative Minimum Tax 1 01-21-2007 01:30 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning