CS Fresno
01-25-2012, 08:37 AM
Hey, I just had to sound off to someone...about the "'Buffett tax rule" proposed in the president's state of the union address. The president thinks there should be 30% minimum effective tax rate for people earning over $1 million. Doesn't all this talk sound like the talk from the 60's when AMT was initially proposed? (Not that I was practicing then...) Since the original AMT worked out so well (pardon my sarcasm) let's make a second layer of AMT. Seriously? How about they just tweak the original AMT by giving us a $1,000,000 exemption and eliminate the reduced rate for capital gains/dividends for AMT. That should hold us for the next 40-50 years or until the ever weakening dollar puts middle America into the $1 million income bracket...I have enough trouble trying to explain to my clients why this tax that was supposed to pull in greedy millionaires is now impacting them - how will we ever explain two AMT's designed to only impact millionaires...