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« Comments: Best Money Post I've Ever Written, Part 2; Bad Math | Main | Comments: Problems at General Motors; Globalization »

November 28, 2005


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"Yes, it's a lot. But the AMT needs to be fixed/changed/repealed as it's impacting the middle class more and more every year. Maybe a small national sales tax would cover the elimination of this tax?"

So transfer the tax burden from the upper and middle classes to everyone, which helps the middle class, but seriously burdens poor people. ???

The purpose of the AMT is to make sure the ultra-rich don't get by without paying at least a minimum level of taxes. Currently, it's set up to impact many, many more people than the extremely wealthy and as such needs to be changed in my opinion.

Of course, it can't be changed in a vacuum -- it will need to be part of an overall set of tax changes.

I tend to favor more of a consumption-oriented tax-weighted system rather than an income-based one. I understand that this is a regressive tax and thus is not popular with the masses, but in my view it encourages more saving and less rampant spending (something we want to happen over the long term) versus discouraging people from working more to earn more (which is what the current system does -- at least in part).

If you have any better/alternative suggestions, I'm all ears.

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