bpwallace49 Posted February 25, 2010 Share Posted February 25, 2010 I got hit with it as well Mr Ted . . . same thing where it snuck up on me. I would love a flat tax, but that would make too much goddamm sense . . . Quote Link to comment Share on other sites More sharing options...
westvirginia Posted February 25, 2010 Share Posted February 25, 2010 Then I applaud you, because my understanding is that you are ok with paying a tax most do not pay to benefit the better of the country, especially those who do not pay this tax. I on the same boat as you are but I feel everyone should pay the same tax rate % wise (flat tax) or go with a consumption tax if you want to hit the wealthy (high luxury tax). The number 1 thing that really irks me about this and maybe you are missing my point or maybe do not care, I am not making tons of $, I am making enough to support my needs which includes being a home owner. This tax was literally invented and intended to strike a fraction of the population and since then was never adjusted so now it is affecting people like me, who own a home. I am not making enough money just to be annoyed at this tax, I am making enough money to pay and live up to my contractual commitment to the bank. If our wonderful govt requires the need to exempt interest, local taxes and real estate taxes to support itself, then do it ACROSS he board. Welcome to Fabian 101. Go and check out the history of both witholding and the income tax. Both were supposed to be short-lived and (the tax anyway) only hit a tiny percentage of the most wealthy. They get you used to the idea, then really kill you with it. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 25, 2010 Share Posted February 25, 2010 Welcome to Fabian 101. Go and check out the history of both witholding and the income tax. Both were supposed to be short-lived and (the tax anyway) only hit a tiny percentage of the most wealthy. They get you used to the idea, then really kill you with it. Considering you owe your participation on these innernets to Al Gore and his glorious invention, do you "give thanks" every time you log in to the amazing federal gubmnet? Quote Link to comment Share on other sites More sharing options...
polksalet Posted February 25, 2010 Share Posted February 25, 2010 Its good being a broke honkey, I don't even know what the reqs are to fall into the AMT. Quote Link to comment Share on other sites More sharing options...
evil_gop_liars Posted February 25, 2010 Share Posted February 25, 2010 Its good being a broke honkey, I don't even know what the reqs are to fall into the AMT. WV, Ted and Perch hate you! Quote Link to comment Share on other sites More sharing options...
westvirginia Posted February 25, 2010 Share Posted February 25, 2010 WV, Ted and Perch hate you! Nope, I intentionally fall into that category (broke honkey) as well. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 25, 2010 Share Posted February 25, 2010 AMT was intended to stop the tax dodging rich but every year they have to fiddle with it to avoid it sweeping up thousands of non-rich who aren't dodging anything. Time to revisit the whole concept and preferably shut down the loopholes it was meant to paper over. Such as tax everyone the same percentage and get rid of all deductions? Then only deduction I think should even be considered to left untouched would be for charitable donations, as I believe in most cases charities provide services more efficiently than the government does. Quote Link to comment Share on other sites More sharing options...
pig devilz Posted February 25, 2010 Share Posted February 25, 2010 here's a cliff notes explanation of the AMT http://www.fairmark.com/amt/amt101.htm Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted February 25, 2010 Share Posted February 25, 2010 I agree, but will they? If nothing goes unchanged, this will affect my budget alot next year because AMT might go back to pre-2009 levels where 2009 "patch" was suppose to help and that didnt help much. This really pisses me off. This tax actually affects those who barely hit AMT (which is growing) than the rich who definitely get hit with AMT. Why should any individual be taxed more than another? Are the rich persons donations to charity any less helpful than those of middle class? Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted February 25, 2010 Author Share Posted February 25, 2010 WV, Ted and Perch hate you! I do not hate anyone who is in a different situation than me, nor do I hate any individual who pays less or more taxes than me. I hate the rules that allow the individuals to do what they do. Like I said, if AMT was the standard across everyone I would not be having this conversation. The fact that people get taxed different is not just in my opinion. Any disincentive goes against what a capitalist economy stands for. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted February 25, 2010 Author Share Posted February 25, 2010 (edited) Why should any individual be taxed more than another? Are the rich persons donations to charity any less helpful than those of middle class? They shouldn't. I am agreeing with you. I stated the rich only because the intention of the tax, I do not agree with it from beginning to end but it is troublesome to see that the intention of a rule is now being ignored. Edited February 25, 2010 by MrTed46 Quote Link to comment Share on other sites More sharing options...
TimC Posted February 25, 2010 Share Posted February 25, 2010 Don't worry about us, Ted. We'll be living in a van down by the river while you're figuring out how to get out of helping us. Thanks alot. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted February 25, 2010 Author Share Posted February 25, 2010 Don't worry about us, Ted. We'll be living in a van down by the river while you're figuring out how to get out of helping us. Thanks alot. As long as the people in the van pay AMT! Quote Link to comment Share on other sites More sharing options...
yo mama Posted February 25, 2010 Share Posted February 25, 2010 If and when they do make a revision and/or patch to this AMT for 2010 please post it. I do not want to miss and forget it. As I am an accountant, I am a corporate accountant and many tax laws can slip beneath me as I am investing my time with other regulations. Annual legislative patches (which usually involve AMT) usually occur in the second half of the calendar year. Quote Link to comment Share on other sites More sharing options...
Beaumont Posted February 25, 2010 Share Posted February 25, 2010 I am on the side of saying we should all pony up the taxes and quit bitching. If we think we are paying toomuch we can always than the "Greatest Generation" and the "Baby Boomers" who have demanded the world and failed to pay for it, escorting in a lifetime of debt for us Gen-Xers to pay. Of course, we may up the ante and pass it on to the next dilweed generation in lieu of paying high taxes. Deficits and taxes are all about we the people, who want everything and want to pay nothing. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted February 25, 2010 Author Share Posted February 25, 2010 I am on the side of saying we should all pony up the taxes and quit bitching. No problemo. Let everyone pay the same tax then. I would feel better if my taxable income goes up but if everyone pays the same tax. Quote Link to comment Share on other sites More sharing options...
Piles Posted February 26, 2010 Share Posted February 26, 2010 (edited) No problemo. Let everyone pay the same tax then. I would feel better if my taxable income goes up but if everyone pays the same tax. It is difficult to have empathy for your situation when you come on the boards asking everyone what type of luxury SUV you should buy and then 3 weeks later complain about the AMT. Just sayin.... Edited February 26, 2010 by Piles Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 26, 2010 Share Posted February 26, 2010 ConclusionsOver the coming decade, a growing number of taxpayers will become liable for the AMT. In 2010, if nothing is changed, one in five taxpayers will have AMT liability and nearly every married taxpayer with income between $100,000 and $500,000 will owe the alternative tax. I seriously doubt it. Maybe I'll get hit with it next year but I know tons of people over that threshold and none paid AMT on their 2009 earnings. Quote Link to comment Share on other sites More sharing options...
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