How Bush's Budget Affects Your Taxes

Discussion in 'Current Events' started by automated, Feb 6, 2006.

  1. automated

    automated Active Member

    Bush made few new proposals that affect individual taxpayers, but he did call for a one-year stopgap measure to protect millions from the alternative minimum tax.

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  2. wkmac

    wkmac Well-Known Member

    Doing something about AMT may get bi-partisan support. I've heard both sides complain about it. When AMT was first brought into being it's intended victims were a specific wealthy taxpayer who because of our screwed up tax code to begin with were paying little in taxes. Thank you K Street! Now, a few years later we find the chickens are coming home to roost and many an average middle class taxpayer are starting to get hammered by AMT. Many of us here will likely see this if nothing with AMT changes. Trends show if AMT continues the very people (middle class blue collar types) that AMT was never intended to hit will in fact experience a big impact from that very tax class. There are a couple of scenarios where it's even possible someone in a low income tax bracket could get slapped and this blue collar middle and lower class impact has several in Washington very worried. They need the votes you know!

    AMT reminds me of the Estate Tax as we were told it was designed to hit the super wealthy and keep them from hording and passing on vast fortunes and hurting the little guy. Just as AMT, the chickens came home to roost and it was the average blue collar farmer who was by no means rich or the average small business owner who had workered along side with his kids to build a business and decent life for themselves (by no means rich) and when the tragic event of a death comes along everything the family had worked and built for had to be sold off just to pay the taxes. Oh I know, we'll hear the income redistributor apologist types wail that "your estate scenario only effects a very small percentage so what's the big deal?" Oh really? Well from what we know so far the NSA listening only effects a very small percentage so I throw the question back at ya! What you catterwollering about?

    In the meantime, the very few people where the term "the Rich" really might apply circumvent the taxes via their lobbyists or are able to shelter money in certain areas making taxation a non issue. There is an old saying that a damn good high priced lawyer can keep a guilty man out of jail. Well you can add this to that saying.

    "A damn good high priced tax lawyer can keep you from paying taxes too!"

    Meanwhile the rest of us get raped on April 15th just to make you believe life should be a level playing field and Tie feel safe. Fair and Balanced is a claim made by Fox News and life never ever made that claim so stop trying to force something into human nature that I agree sadly doesn't exist. If you want fair and balance go bash Fox News all day long!

    Sorry Tie, couldn't resist funnin' with ya!