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saden1 · 06-05-2008, 12:17 AM

To those who want to scrap AMT altogether I say you don't know WTF you're talking about. Does the law need to be updated? Absolutely! Are the principles behind the law just? Jesus would find it just!

There are so many schemes available to rich people to lower their tax rate it's insane. Take Warren Buffet for example who end up with a 17.7% tax bill. There's a reason behind AMT and that is to stop people with money from gaming the system by paying themselves $1 in annual salary, making the rest of their income through incentive based options and investments, and ultimately ends up paying 15% capital gains tax on all of their income.

06-05-2008, 12:17 AM	#12
saden1 MVP Join Date: Feb 2004 Location: Seattle Age: 46 Posts: 10,069	Re: Alternative Minimum Tax To those who want to scrap AMT altogether I say you don't know WTF you're talking about. Does the law need to be updated? Absolutely! Are the principles behind the law just? Jesus would find it just! There are so many schemes available to rich people to lower their tax rate it's insane. Take Warren Buffet for example who end up with a 17.7% tax bill. There's a reason behind AMT and that is to stop people with money from gaming the system by paying themselves $1 in annual salary, making the rest of their income through incentive based options and investments, and ultimately ends up paying 15% capital gains tax on all of their income. __________________ "The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins Last edited by saden1; 06-05-2008 at 12:19 AM.