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In other words, you have no answer to my question.
Why would you assume taking advice from a rich man is the path to getting rich yourself? What makes you think a rich man gives a rat's ass about making you rich?
And why do you think government forcibly taking more money from people will make your life better. What makes you think the government gives a rat's ass about you. Because they say so? lol, yep and they got your vote so when is your windfall coming?
The AMT patch expired last year.
Congress has made no move to fix it or enact another patch.
Little to no media attention on this issue either.
Next year AMT will hit people making $30K per year if left alone.
This is the alternative tax on the rich now hitting $30K/year people.
This is how it works. The ATM tax was an answer to the previous call to tax the rich but the government was smart and knew the middle class were not so smart. They purposely did not include adjustments for inflation. This year that "tax the rich" tax will hit more than 26 million more households for the first time. See, wish it on someone else and the government will make sure they quietly write a new tax on you.
AMT, which threatens to tack $3,700, on average, onto taxpayers' bills for the current tax year. Because those people have never paid the AMT, they have no idea they are in its crosshairs.
You rich folk, you might want to consider calling off Xmas cause the tax man is coming!
What you have explained is BS after BS after BS. You have your own idea of macro and micro economics and how it all works, and a pollyanna view of how "rich people's" consumer spending affects high end businesses who cater to "rich people".
When "rich people" don't consume high end products, the owners of the businesses of those high end products who make a big buck off or their high end consumers...not so rich anymore. From car dealerships to hotels to vacation destinations to private schools to private colleges to private travel to Wall Street to specialty boutiques....to you name it (as long as the middle class can't afford it, it's high-end and only "rich people" can afford those types of products). Yawn.
Yep. EXACTLY what happened after the 1990 luxury tax was legislated. It economically DESTROYED an entire region because of the domino effect of "the rich's" decreased spending. Congress repealed the luxury tax in 1993, but by then it was too late. The regional economic damage was permanent. Lesson learned. DON'T repeat that mistake. Einstein's definition of insanity: doing the same thing over and over again and expecting different results.
Alternative Minimum Tax
Residents of high-cost urban areas would be hit hardest, by official estimates. AMT bill would come due almost immediately. And tax experts say it would be extremely disruptive to try to fix the AMT after the 2012 tax year closes on Dec. 31.
Residents in other high-cost areas would also get socked. In New Jersey, for instance, where people are still digging out from Hurricane Sandy, taxpayers would face a fresh burst of bad news.
According to estimates by the Tax Policy Center, more than half of all married couples will owe an additional tax of around $4,000 unless Congress acts. And more than a third of families with children will fall subject to the AMT, with parents of three or more children facing an extra tax of $4,700.
AMT Exemption Amounts for 2012
The alternative minimum tax exemption amounts for 2012 are scheduled to revert to the following levels:
$33,750 for single and head of household filers,
$45,000 for married people filing jointly and for qualifying widows or widowers, and
$22,500 for married people filing separately.
Source: Code Section 55(d)(1). Lower exemption levels mean that more taxpayers will be subject to the alternative minimum tax calculations.
Originally Posted by Kenneth-Kaunda
most luxury yacht owners are A-holes, so this is a good tax.
Quote:
Originally Posted by InformedConsent
Said by a poster motivated by envy and jealousy instead of the historically factual negative regional economic impact of said tax.
InformedConsent, how can they care if they are not in the bullseye or even don't pay taxes as long as that welfare check comes in. They don't. I say people have to
WORK YOUR FAIR SHARE
Can you imagine what would happen if the government actually made these people work? I say... bring it on.
I am fortunate, and I thank God and hard work for it.
However, the fact is that:
1. "the rich" pay most of the taxes already
2. even ENSLAVING "the rich" does not solve our budget woes
3. revenues are nearly at 2007 levels, yet spending has skyrocketed
4. Obamacare, the EPA, and increased taxes will not restore prosperity
We are in a tailspin of increased debt, lower wages, lower savings, and higher unemployment. Oddly, the US VOTED FOR four more years of this. Obama's policies are set to keep the economy stagnant, at best, and will most likely increase unemployment and continue to escalate debt.
At the end of Obama's second term, the nation will essentially be in a position in which it cannot recover, thus ensuring the "Balkanization" of the US.
What did you make? Since 40 % of the national income is paper wealth by da guberment welfare queens I am skeptical you make a useful product or service.
Said by a poster motivated by envy and jealousy instead of the historically factual negative regional economic impact of said tax.
Said by the one who thinks consumption is production.
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